This site uses cookies.

PI Brief Update

Claimant PI Firms Urged to Keep It Real About The WIP - David Johnston, PI-Solutions

01/12/14. Many claimant personal injury (PI) law firms, particularly smaller firms or departments, are putting a much higher value on their work on progress (WIP) than it’s actually worth and, in some cases, it’s proving to be their downfall warns David Johnstone, managing director at PI-Solutions.

Experience is showing us, there’s a significant difference in vendor and (credible) purchaser expectations when it comes to WIP value. The result is that many firms wishing to exit the market hold out for more money, carry on doing work they have no appetite for and the value of their book starts diminishing. In some cases, where the delay is protracted, they can end up in an insolvent position...

Image ©iStockphoto.com/WendellandCarolyn

Read more (PIBULJ subscribers only)...

All information on this site was believed to be correct by the relevant authors at the time of writing. All content is for information purposes only and is not intended as legal advice. No liability is accepted by either the publisher or the author(s) for any errors or omissions (whether negligent or not) that it may contain. 

The opinions expressed in the articles are the authors' own, not those of Law Brief Publishing Ltd, and are not necessarily commensurate with general legal or medico-legal expert consensus of opinion and/or literature. Any medical content is not exhaustive but at a level for the non-medical reader to understand. 

Professional advice should always be obtained before applying any information to particular circumstances.

Excerpts from judgments and statutes are Crown copyright. Any Crown Copyright material is reproduced with the permission of the Controller of OPSI and the Queen’s Printer for Scotland under the Open Government Licence.

Privacy Policy                 Legal Resources

© Copyright Law Brief Publishing Ltd, all rights reserved.
Published by Law Brief Publishing Ltd, company number 05966609, registered in the UK. Registered office address: 30 The Parks, Minehead, Somerset, TA24 8BT.

All information on this site was believed to be correct by the relevant authors at the time of writing. All content is for information purposes only and is not intended as legal advice. No liability is accepted by either the publisher or the author(s) for any errors or omissions (whether negligent or not) that it may contain. 

The opinions expressed in the articles are the authors' own, not those of Law Brief Publishing Ltd, and are not necessarily commensurate with general legal or medico-legal expert consensus of opinion and/or literature. Any medical content is not exhaustive but at a level for the non-medical reader to understand. 

Professional advice should always be obtained before applying any information to particular circumstances.

Excerpts from judgments and statutes are Crown copyright. Any Crown Copyright material is reproduced with the permission of the Controller of OPSI and the Queen’s Printer for Scotland under the Open Government Licence.