Having said that, there are a number of pitfalls to be aware of including:
- Dealing directly with a seller can bring a whole host of difficulties – assuming you can find one in the first place. Most sellers have two main problems, they tend to over value what they have, and they have an emotional, as well as a financial, attachment to the sale. Both present exceedingly difficult hurdles to overcome.
- Are the cases quality or merely quantity? Recent times have seen some very high-profile examples of firms losing millions, even hundreds of millions in relation to one noise induced deafness sale, when buying caseloads
- Successor practice issues. Although you may immediately think of staff – and that is indeed an important consideration – becoming or not becoming a successor practice can go far beyond that and cause serious issues in the future if not addressed properly.
- Funding issues. Are there many unpaid disbursements in the caseload? Do you inherit responsibility for paying these? Can that be avoided?
- Due diligence. How do you complete the same while adhering to SRA rules?
- Transferring or assigning CFA’s. Very easy to get wrong – and very costly if you do.
The list literally goes on and on.
Verus UK are experts in dealing with caseload and firm acquisitions, not only can we help you find the right fit for your needs, but we will also take care of all the above so that you are kept at a professional distance from the negotiations themselves.
Acquiring full or partial caseloads from other firms can be an excellent way to provide an immediate boost to your practice
We understand how important it is that your intentions are kept concealed until the time is right
We have our own in-house cost specialists who will fight to maximise your costs recovery
Many mainstream lenders are extremely cautious when it comes to law firms in general and PI practices in particular
Our objective is a very simple one, to maximise profitability while maintaining outstanding levels of customer service
Straight WIP or practice sales/acquisitions are not always the best way to grow, diversify or dispose of a firm
We have close links with multi-disciplined law firms and can assist with matters beyond the PI market
VERUS UK LLP
Unit 13 First Floor
SOUTHPORT PR8 5AB