2 minute read
The launch of R&R Solutions
Recovery first, best known for their work in maximising recoveries in distressed situations, are launching their new brand, R&R Solutions, specifically to work with retiring solicitors and restructuring law firms. R&R Solutions works alongside accountants, solicitors, restructuring lawyers, and restructuring specialists to ensure the most profitable outcome is achieved in realising work in progress (“WiP”) assets.
David Johnstone, Managing Director, stated “The decision to restructure a law firm can be a difficult one, but once made it requires a process that is going to provide the best possible return to the firms for their hard-earned WIP and look after their clients ensuring the least possible disruption.
Retirement is often a much harder, and frequently an emotional decision, with many partners relying on the value obtained as their pension.
Our experience in handling such situations allows us to flex our model for each unique project. By working backwards from the end objectives, we can truly provide a tailored solution in any situation”.
Law firm restructuring: A recent project
R&R Solutions recently assisted a law firm that made the strategic decision to exit the claimant personal injury market so that they could focus on more profitable areas of law. We assisted the firm by phasing the process over several months before the final date of closing their PI division, recovering more than 100% of the expected WIP value.
Using a phased approach allowed the staff in the exiting department to focus heavily on the files that were capable of settlement before the final exit date, whilst, in many cases, retraining in other areas of law, allowing them to remain in the employment of the company.
Retiring solicitor: A recent project
R&R Solutions worked on a project that involved assisting a medium-sized law firm whose personal injury department was overseen by one partner. The partner planned to retire, and thus, the firm decided to exit the PI market completely.
We assisted this firm by providing them with an exit route from the PI market, retaining their full WIP value for their files, whilst allowing the practice to continue working on other areas of law.
How can R&R Solutions assist your firm?
R&R Solutions can assist any firm looking for a structured exit from an area of law due to retirement or restructuring, whilst retaining maximum WIP value.
