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It’s not PI firms pulling out of the market - it’s more to do with the inability for NAH to sell expensive leads to Law firms who have finally worked out they can’t make profit from them. NAH traditionally had a low number of RTA cases, so reforms should have a limited impact. It’s continued lack of innovation in its product, proposition and diversification from senior directors who are pre-occupied with an ABS strategy rather than focussing on being the marketing business it always was. Wish them luck but time for a change at the top - the major shareholders must now be losing faith.