Market changes lead to multi-million pound loss for legal firm

ONE of Yorkshire’s largest law firms has blamed regulatory changes in the personal injury (PI) market for a major profit hit.

York-based Minster Law, the road traffic accident personal injury practices, reported a pre-tax loss of £35.3m in the year to June 30 while turnover dived to £25.3m from £52.4m.

The firm, which was bought by the owner of insurance website comparethemarket.com, BGL, nearly three years ago, blamed changes to the personal injury market including a reduction in legal fees that solicitors can recover for the performance.

Minster Law said it considers the result of the pre-tax loss to be reflective of the “significant changes and challenges” over the period but that there was a “more positive outlook on which to move forward.”