Law firms earn around £1 billion from clinical negligence cases In 2019/20, IRN estimate law firms earned revenue of around £1 billion from CN cases. However, once the cost of running cases where no damages were awarded on a no win, no fee bases are factored in, net revenue to law firms drops to below £800 million. Across the four nations of the UK, IRN...
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UK Personal Injury Consumer Research Report 2020 CONSUMER WILLINGNESS TO SUBMIT A CLAIM ONLINE INCREASING BUT MORE CAUTION ON ONLINE REHABILITATION AND COURT HEARINGS The latest consumer research findings from IRN Research show that half of the personal injury (PI) cases covered by the research would fall under the £5,000 small claims limit. Many consumers would be concerned about dealing with these cases...
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21% of Savers and Investors take some form of financial advice Most Savers and Investors (72%) adopt the DIY approach to saving and investing, i.e. they manage all of their saving and investments totally themselves. 21% of Savers and Investors take some form of professional guidance and/or advice, of which 17% adopt the mixed or hybrid approach, combining self-management of some of their savings and...
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Personal Injury Market Trends Report 2020 The planned small claims reforms have been hanging over the market for months and changes to the timing of these reforms continues to create uncertainty in the sector. These reforms have now been put back again to April 2021 and, if this date is finally the one, then there will be more pressure on a market that is already...
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One-in-five savers and investors have wealth of £75,000 and above 20% of consumers who own any savings or investment products in the UK are considered wealthy, that is they have a minimum of £75,000 held in investment or saving products. Most of the Wealthy (80%) have saving and investment wealth of £100,000 or more. These findings come from the IRN Research report Wealthy Savers and...
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COVID-19 hits Savers and Investors 45% of consumers who own savings and investment products have been negatively impacted by the COVID-19 pandemic, with the value of their money held in savings and investment products declining. Not surprisingly, given the impact of the crisis on stock market values worldwide, individuals who have money held in investment products like stocks and shares (labelled Investors) have felt its...
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The medico-legal and insurance services market worth over £750 million The Medico-Legal and Insurance Services (MLIS) market covers a range of medical and medical-related services offered to legal services companies, insurers and possibly to employers. The range of services offered can be split into two broad categories: Medical evidence (ME); and Rehabilitation and allied medical services (RAMS). The market for medico-legal and insurance services (MLIS), ...
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The Orchard Reports™ series from IRN Research, market and consumer research reports on financial services and legal services markets, entered its third year in Summer 2020. We are now publishing over 35 reports a year on insurance, pensions, home buying, consumer savings and investment, and consumer/B2B legal services markets. Reports and datasets can be purchased individually, in discounted bundles or annual subscriptions, and the Orchard...
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CONSOLIDATION, COVID-19, & CONCERNS FOR CONVEYANCERS IN 2020/21 Like most other legal services sector, COVID-19 has cast a long shadow over the residential conveyancing sector. • In 2019, the number of residential property transactions decreased by 1.2% on the previous year but there were signs of some recovery towards the end of the year. The recovery was continuing in the early part of 2020 but...
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Advisors generate £4.9 billion from retail investment activities In 2019, intermediaries and advisors offering advice on retail investments earned almost £5 billion in revenue. While volume sales of new investment products declined by 16% in 2019 compared with 2018, revenue from the provision of retail investment financial advice grew, because most advisors earn income from on-going charges rather than from on-off product sales. Moreover, advisors...
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