Recovery First was developed as a more efficient means of managing the recovery of the value in pursuer personal injury firms at the point of disposing or winding up the business. Solicitors face many challenges when attempting to realise the value that has been built up in their business at a time when they are looking to exit the industry. Likewise, banks or lenders face challenges when attempting to exit the relationship with a business in distressed situations. To run the book off involves significant cost and is fraught with motivational and behaviour drivers that make the process a significant challenge. Reducing the size of your team in line with the outstanding case load’s is not only a constant challenge on a personal level, but also makes it difficult to maximise efficiencies and maintain profitability. The challenging situations faced by firms looking to exit the industry mean they will exit unless they are heavily incentivised – maximising case duration as opposed to settlement and liquidating the asset. Recovery First has devised a way of providing those looking to exit the industry a structured and manageable process that allows a smooth period of transition for all involved.
