Walker Morris to close their PI department inside 12 months
Rather shocking news given the size of this firm and their history in the growth of the personal injury market. WM Solicitors are (it is reported) to shut their PI unit inside 12 months and will also be closing / selling their website Distinctly Legal to concentrate on "core services".
This will surprise many in the industry but when you consider the following:
-- Conveyor belt LEI work is being retained by the insurers utilising new ABS vehicles (didnt the SRA say that could never happen?)
-- Solicitors - even the biggest ones - cannot market PI independently on the same mass / volume level that they have enjoyed previously. Its just too expensive
Factor in the substantial cut in fees introduced by the recent reforms and for many firms you have a recipe for disaster.
We knew it was coming, well ..... its arrived.