Simpson Millar to cut referral fees out of PI claims loop
National law firm Simpson Millar has launched a bold scheme that will pay personal injury clients direct for their claims and cut out the middle man.
It will offer £250 up front for every claim accepted instead of paying third-party referral fees. The move follows concerns the current "price war" of firms bidding for PI business is reducing legal expertise to maintain financial viability, with referral fees having more than doubled in the fours years since they became subject to regulation.
Simpson Millar partner Bryan Nott told Post that referral fees - typically paid to claims management companies and legal expenses insurers - now range from 500 to a "staggering 1000". In 2004, however, he said "cases were certainly being referred for figures closer to £250 at the lower end". Mr Nott added referral fees are "driving bad behaviour" and fuelling a rising cost in PI claims.
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