Thursday, September 14, 2006

The compensation Bill

More and more claims management companies(CMCs) are starting to look over their shoulder regarding this piece of legislation.

Our firm has been receiving calls from CMCs looking to jump on board as an "affiliate" using our name and regulatory protection. In principle this is probably a sensible idea but the difficulty is that any CMC who hasnt got their act together at this late stage is probably not one we wish to do business with.

In all honesty I think CMCs are given a hard time by the industry. They have taught us a hell of a lot in terms of how to market your business and promote legal services. Most law firms until recently have been stuck in the mindset of hiding behind their brass plate on the wall outside the office expecting the hoi poloi to simply walk in off the street.

Well in todays world - that just isnt enough. You have look elsewhere for niches, tap into mediums that previously you would have completely ignored.

On the one hand I welcome the Compensation Bill because it is well overdue and the demise of some of the lesser advanced and capable CMCs will not be something to grieve over. On the other hand these firms have taught us an awful lot about business promotion and we should (begrudgingly) have some gratitude for that.

Now bring on the Bill and lest nail the sonsabitches.

1 comment:

jmw said...

12 months on - the compensation bill has now bedded down and the rewards are there to be seen.

Most in the profession would agree that the reform and regulatory process has led to a significant "clean up" in the compensation claims environment.

This has caused many law firms to focus on their own marketing initiatives and develop legal websites of their own focusing on key areas such as industrial disease or whiplash claim etc. Rather than pay claims management companies - firms are finally spending money to develop their own web advice and marketing products.