Working in cycles

6 July 2015
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Business has been going through a cycle of change for the past six or seven years predominantly due to the credit crunch and the recession that followed it. The legal industry has not escaped and we have seen a number of high profile insolvencies which would have been almost unthinkable in the early 2000’s when year after year the Top 200 law firms appeared to be reporting healthy growth in both their top line turnover and bottom line profit.

During these challenging times one area which seemed largely immune was the claims and personal injury sectors and certainly the established businesses continued to prosper on both sides of the divide that is Claimant & Defendant. That was until the Jackson Review & the resulting LASPO reforms which, conspired to create what many agree is a perfect storm combining regulatory and statutory change with a challenging economic environment, especially from a banking perspective.

I believe that it is in circumstances such as these, where there is considerable change and challenge that a Consultant can be of real value, simply because they can be wholly objective and help those who are immersed in their businesses see the wood for the trees.