Manchester personal injury firms have formed a consortium to buy out firms seeking to escape the ‘unprecedented’ unrest in the sector.
Pi Gateway says it has created a seven-figure war chest to take on personal injury firms’ caseloads and has already completed a number of transactions.
The four firms are Bott & Co, Ralli Solicitors, Hilary Meredith Solicitors and Express Solicitors. Pi Gateway says it plans to co-opt other members to join the group.
The firms have Solicitors Regulation Authority confirmation that they are not on the regulator’s financial ‘at risk’ radar.
The partnership is also targeting firms wishing to dispose of PI departments.
David Bott of Bott & Co, said the partnership was formed due to an ‘unprecedented period of unrest’ in 2013 with many lawyers now seeking to exit the market. ‘We know from experience that what most of them want is a quick and clean exit with dignity and maximum cash returns,’ he said.
Hilary Meredith, from Hilary Meredith Solicitors, said: ‘As first point of contact we may be able to avoid firms selling off cheaply at under [their] value, but instead see optimum returns from their active files, whether they are simply leaving the market due to retirement or trying to avoid insolvency.’