UK Personal Injury Market
24 Nov 2015
IRN Legal Market Briefing
A MARKET IN TRANSITION AND MORE CHANGES TO COME
The UK Personal Injury Market Briefing is the second edition of an annual Legal Market Briefing from IRN Research and provides an overview of the UK personal injury and clinical negligence markets.
The personal injury market is in a state of transition. Market participants are still coming to terms with the far-reaching changes to the market ushered in by the implementation of the Legal Aid Sentencing and Punishment of Offenders Act 2012 (LASPO) and subsequent legislation. The full effects of these legislative changes are not likely to be felt until 2016.
For many players, it has become a market where profits are much harder to come by. Case volumes are lower and it is now harder than before for claimants to both pursue cases and pay the fees of claims management companies and lawyers: case quality rather than just quantity has become important.
There are still almost 3,000 law firms in England and Wales offering personal injury advice but the largest 10 personal injury law firms – the volume players – are taking an increasing share making personal injury the most heavily concentrated sector in consumer law.
The number of registered claims companies operating in personal injury has fallen to below a 1,000 and, again, the recent reforms in the sector have seen numbers fall.
Web marketing is now a significant part of the marketing spend for a clear majority of firms in the sector and this includes both large and small players.
The briefing (34pp, PDF), is available directly from IRN Research, priced at £120/€165/US$185. UK sterling price is plus VAT so total price is £144.
The briefing provides details of market size and trends; supply structure; key players; commentary on key issues impacting on the market, future trends; associations.
Established in 1991, IRN Research is a research agency with a focus on the legal services market. We offer a range of research services to law firms and suppliers to the sector. Services include client surveys, market studies, competitor intelligence, industry reports, and strategic studies. For further information, contact David Mort on +44(0)7905 239599 or firstname.lastname@example.org.
UK Personal Injury Market Briefing – Contents
1. Introduction 4
2. Report Summary 5
3. Market Structure and Environment 7
3.1 Main Types of Personal Injury Work 7
3.2 Legislative Environment 7
3.3 Supply Structure 9
4. Market Size and Trends 11
4.1 Market Value 11
4.2 Volume Trends 12
5. Key Players 18
5.1 Overview 18
5.2 Selected Law Firms 19
5.3 Selected Company Profiles 21
Bolt Burden Kemp 21
Hudgell Solicitors 22
Irwin Mitchell 23
Leigh Day 23
Minster Law/BGL Group 24
National Accident Helpline 24
Parabis Law 25
Simpson Millar 25
Slater & Gordon 25
Stewarts Law 26
5.4 Other Company Developments 26
6. The Future 27
6.1 Future Trends 27
2016 the crunch year? 27
More consolidation and focus likely 27
Smaller players use networks and brands to compete with big players 28
Web-based marketing embraced by most and set to grow 29
New legislation cannot be ruled out and highly likely 29
Growing pressure to outlaw claims farming 29
Review of the regulation of CMCs 29
Insurers raise concerns over claims costs 29
Growing emphasis on quality 30
Largest players may diversify out of PI 30
6.2 Recent Developments 30
Problems at MedCo so review brought forward 30
Fixed fee regime for low value clinical negligence claims on its way 31
Proposed reforms to DBA 31
7. Associations 33