From insult to personal injury – a sector in flux

The demise of two big-hitting personal injury firms (Hampson Hughes and Pure Legal) is a sign that the once buoyant claims sector is in a period of flux, with experts pointing to this year’s whiplash reforms as the catalyst for change. Lenders have also had enough and want to see evidence that mountains of claims will actually result in settlements and profits. Pure Legal’s administration was preceded by legal finance provider Novitas petitioning the court for bankruptcy. More from Law Gazette.

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Insights

One third of big firms ‘actively considering IPO’

Michael Cross of the Law Gazette reports that nearly one third of partners at firms with 50 or more lawyers are examining a stock exchange float within the next 18 months, according to research published last week. The poll, commissioned by Harbour Litigation Funding, found that 31% are ‘actively considering an initial public offering’ while 44% said an IPO was ‘under consideration’.

In the News

200 jobs lost as Liverpool legal firm collapses

Pure Business Group, a Liverpool firm which handled civil legal claims, has collapsed into administration. Pure comprised two law firms, costs drafting and recovery, litigation funding provision and claims management operations. It also included a division offering claims handling services to the insurance industry as well as a sports management businesses. The insolvency is a drastic turn for the company, which just this past July announced that it had secured a new eight-figure funding line with Sandfield Capital intended to deliver dominant market-share.

Insights

Challenging the ‘billion-dollar quartet’

Paul Brehony and Kate Gee of Signature Litigation LLP summarise recent auditor negligence claims in the UK and predict that audit reform and increasing regulatory scrutiny, coupled with the rise of group litigation in the UK and the increasing availability of litigation funding, will increase the likelihood of claims being brought in the civil courts against auditors and accounting firms.

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