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Prediction: Innovation is the way to succeed in a consolidating claimant legal market

Economics
Casualty
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Prediction

The number of claimant personal injury firms has declined by 35.4% in the last five years, and larger firms are taking a bigger piece of the market share. This trend shows no signs of abating. Falling numbers of claims and fixed recoverable costs will continue to push the claimant sector towards consolidation. Those firms capable of adapting to changing market conditions are likely to do better. This will require flexibility, innovation and the financial and human resources necessary to facilitate them, all favouring larger firms. This consolidation can reasonably be anticipated to impact on claims handing generally, particularly if it leads to more standardised and consistent approaches to claims progression. The impact from a defendant/insurer perspective remains to be seen.

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