UK Personal Injury Market 2017 - IRN Legal Market Briefng 2017
The personal injury market is a large market, worth almost £4bn annually but while it is still growing modestly in value terms, it is declining in volume terms.
This report is based on secondary and primary esearch.
- EXECUTIVE SUMMARY
- Introduction
- Market Characteristics
- Political and economic forces shape the market
- As do business, social and technical developments
- The key legislative changes
- The market: rising value work contrasts with declining work volumes
- The future may not be too bright
- INTRODUCTION
- Definition
- Abbreviations
- MARKET STRUCTURE
- The Main Types of Personal Injury Work
- Four main market participants
- The number of solicitors and legal companies
- The number of claims management companies declines
- POLITICAL AND ECONOMIC MARKET DRIVERS
- The Jackson Report defines the new legal framework for PI and CN cases
- LASPO puts Jackson into practice and marks a watershed for the PI market
- Jackson reforms, Mark II
- Some PI cases will move to the online court for small claims
- Other moves to look at and control costs in PI and CN cases
- Personal injury vs repair costs in motor insurance claims
- Moves to limit medical negligence costs
- Court fees rise
- The Government reforms claims reporting and medical evidence
- The Ogden Rate
- Stronger regulation of CMCs
- Nuisance calls remains a key concern
- The DoH rapid resolution and redress scheme (RRR)
- BUSINESS, SOCIAL AND TECHNOLOGICAL MARKET DRIVERS
- PI imposes major financial, emotional and lifestyle costs on consumers
- The number of road traffic accidents in decline
- Employers (but not employees) report that workplace injuries are declining
- The number of serious workplace injuries is also in decline
- Just over 30,000 cases related to criminal injuries
- Cost budgeting becomes of crucial importance
- THE KEY PLAYERS
- Overview
- Admiral Group PLC (Admiral Law Ltd/BDE Law)
- Bolt Burden Kemp
- Bott & Co Solicitors Ltd
- Express Solicitors Ltd
- First4Lawyers
- Fletchers Solicitors
- Neil Hudgell Ltd
- InjuryLawyers4u
- Irwin Mitchell Group
- Leigh Day
- Minster Law Ltd/BHL (UK) Holdings
- NAHL Group/National Accident Helpline Ltd
- Redde/NewLaw Solicitors/ Principia Law
- Simpson Millar LLP
- Slater and Gordon Group
- Stewarts Law LLP
- Thompsons Solicitors LLP
- MARKET SIZE AND TRENDS
- A market valued at almost £4 billion
- CMCs a declining force in the market
- The volume of cases registered with the CRU declines
- Over £300 million recovered
- Number of PI claims heard in court declines in 2016
- Expenditure on NHS CN claims rises strongly
- Claims Portal figures
- THE FUTURE
- Less PI work
- Potential changes to motor insurance rules
- New PI rules could cause a reduction in law firm numbers
- Legal expensive insurance to fill the gap
- More links between barrister and solicitors in PI work
- Market Forecasts
- PI Practitioner Survey
- ASSOCIATIONS
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