A joint venture between two national law firms is enabling insolvency advisers to introduce a responsible and straightforward solution to practitioners with debts and cash flow issues.
Webuyanyfiles acquires legal practices and cases and is a collaboration between Neil Hudgell Solicitors and Simpson Millar LLP.
Neil Hudgell, managing director of Neil Hudgell Solicitors, said: “Changes in the legal landscape are leading many lawyers to reconsider their future. Our offer to purchase practices and ?les is proving a timely option attractive to many professionals.”
Neil Fearn, Partner at Simpson Millar LLP, commented that: “2013 has been a year of upheaval in the legal sector. The LASPO Reforms, referral fee ban and the portal for personal injury claims means many firms are struggling. Problems with renewing Professional Indemnity insurance and higher premiums for cover make the situation even more acute for some.”
Often, when the insolvency experts are consulted, few choices are open to practitioners, despite a good reputation, long-standing client base and an active caseload. The latter can be hard to realise in the open market but does have genuine value in the right hands.
The team behind webuyany?les accurately and fairly evaluates a book of work, offering an alternative to administration: a managed and structured exit plan. The benefits are numerous; clients assured of continued high quality legal services, creditors paid and the core value of the firm – its caseload – realised, allowing a clean exit from the legal sector. In situations where administration is inevitable the team can look to provide a means of taking over all or part of the practice that is in difficulties.
webuyany?les guarantees to:
- Underwrite the cost of any employee compromise agreements and/or TUPE transfer requirements
- Settle professional indemnity insurance run-off cover
- Give disbursement indemnity and/or assume responsibility for outstanding agency payments
- Assist in discharging and/or underwrite outstanding loan agreements
To date, through webuyany?les, Neil Hudgell Solicitors has completed 21 deals totalling over £4 million. Similarly, Simpson Millar has a track record in successfully acquiring other practices and caseloads, including multi-million pound deals.
Neil Fearn, said: “Webuyanyfiles offers solutions for those who want to sell their caseloads or practices – even at the point of insolvency.”