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Improving profitability

PI firms bold enough to tackle the issues of WIP, disbursement lock up, and fee earner commerciality will instil confidence in their bankers, explains Lesley Graves

4 April 2017

In my last article I considered the questions personal injury firms should be asking themselves at this critical time of government reform. Now it is time to look at improving their profitability and banking relationships.

Banking relationships are crucial to underpin the significant funding requirements of PI firms, particularly in high-value and complex claims with high WIP and disbursement lock up. With uncertainty ahead, banks are understandably cautious, and while they still have appetite to lend, they require assurance around a firm’s PI business model and future profitability.

Other funding options?

When bank funding runs out, some law firms turn to secondary funders. I have witnessed secondary funding in PI claims w...

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