The U.K. legal community recently “celebrated” the one-year anniversary of the Jackson Reforms. With a year of perspective, it’s time to take a critical look at the reforms, which some believe could cut personal injury (PI) solicitor fees by as much as 50 percent in the coming years. While the reforms may not yet have had a catastrophic effect on the industry, the pressure on firms has been significant, driving some carriers to exit the PI line of business. For others, efficiency has become the key to survival — and growth — in the post-Jackson world.
In our new white paper, “The Jackson Reforms – Happy Anniversary?” we look at five key metrics solicitors can use, based on the use of PICAS® Plus, to measure their performance and gain a competitive advantage:
- Cuts to claim life cycles by an average of 40 days
- Stage Two claim life cycles halved — from 24 days to 12 days
- Settlements achieved within 5 minutes in 22 percent of claims passing through the system
- Settlements achieved upon first counteroffer in 46 percent of cases
- Reduced time elapsing from settlement pack to response by 70 percent on average
Using PICAS Plus, solicitors can lower their costs per case and handle greater workloads, enabling them to recapture profits. Download our white paper now for more insights based on the first year of the Jackson Reforms.