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UK Personal Injury Market 2018: Market Trends Report - ResearchAndMarkets.com

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The "UK
Personal Injury Market 2018: Market Trends Report"
report has
been added to ResearchAndMarkets.com's offering.

Some Respite but Not Relief for the Personal Injury Market.

The UK Personal Injury Market Report 2018 is the fifth edition
of an annual market report that provides an overview of the UK personal
injury market.

The personal injury market is a large market, worth almost 4bn annually,
but it is struggling togenerate any real growth:

  • The new legislation set for April 2020 (increasing small claim limit
    for PI claims, introducing a range of fixed costs tariffs, encouraging
    more litigants in person) will negatively impact on the revenues and
    margins of PI law firms and claims management companies (CMCs).
  • Despite the above outlook, our annual survey of PI practitioners shows
    that 45% are expecting their PI workloads to increase in the next 12
    months, increasing from 35% in 2017. As in 2017, half of firms are
    expecting their PI workloads to stay the same but a smaller percentage
    are predicting a decrease in workload.
  • This report expects the PI market to grow modestly in value terms in
    2018 and 2019 but it is likely to decline in 2020 as the new rules
    start to have an impact. Once the market has aligned itself to the new
    landscape, the market should see some value growth. Underlying
    volumes, however, will continue to fall.

In the next year or so, it is likely that PI law firms and CMCs will
embark on contingency plans and strategies ready for the 2020 reforms.
These include:

  • More mergers and acquisitions as smaller vulnerable players continue
    to leave the market or become part of a larger group.
  • Adding related business activities to the core PI claims business to
    increase revenues and rely less on just low value PI work. Activities
    such as accident management services, vehicle recovery and repair,
    replacement vehicle hire, damage assessment, and medical
    care/rehabilitation services.
  • Larger PI firms and CMCs investing more in new technology to further
    commoditise the claims process to cope with the new lower value claims
    landscape.
  • Leading general practice PI firms already reducing their dependence on
    this sector and expanding in other consumer law areas.
  • Some PI firms tried broadening their services by exploiting the
    increase in CN cases. The results of this have been mixed largely
    because the expertise needed to deal with complicated CN cases does
    not come overnight. Some providers are now rolling back this approach
    and looking at other possible new income streams, for example housing
    disrepair claims.
  • More restructuring of many PI practice teams.
  • The emergence of new business models to streamline the claims process,
    reduce costs, share technologies, e.g. law firms joining forces with
    insurance companies, CMCs setting up law firms via ABS, legal
    providers setting up integrated businesses with accident management
    and rehabilitation suppliers.

This Report Examines:

  • Details of market size and historical trends
  • Supply structure
  • Key players
  • Commentary on key issues
  • Forecasts
  • Sector practitioner survey
  • Associations.

Key Topics Covered:

1. Executive Summary

2. Introduction

3. Market Structure

4. Market Developments And Drivers

5. The Key Players

6. Market Size And Trends

7. The Future

8. Associations

Companies Mentioned

  • 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
  • Lyons Davidson
  • Minster Law Ltd/BHL (UK) Holdings
  • NAHL Group/National Accident Helpline Ltd
  • Redde/NewLaw Solicitors/ Principia Law
  • Simpson Millar LLP
  • Slater and Gordon
  • Stewarts Law LLP
  • Thompsons Solicitors LLP
  • Winn Solicitors Ltd

For more information about this report visit https://www.researchandmarkets.com/research/3xrf33/uk_personal?w=4

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