The "Personal Injury Market Trends Report 2021" report has been added to ResearchAndMarkets.com's offering. Value growth in the personal injury (PI) market stalled in 2020 as the pandemic hit claims
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By Monidipa Fouzder2021-04-07T12:05:00+01:00
An employment tribunal has awarded a total of just over £37,000 in compensation to five solicitors, an apprentice solicitor and a legal assistant who brought claims against collapsed law firm network Kingly Solicitors Limited.
The national firm, which acquired a number of High Street practices across the country since 2016, was effectively closed by a Solicitors Regulation Authority intervention in August. The business was placed into voluntary liquidation at the end of September.
Yesterday the tribunal published separate judgments for eight claims brought against Kingly Solicitors Ltd t/a Coles Solicitors (in voluntary liquidation) that were heard together before Employment Tribunal Judge Newburn on 1 February and decided on 1 March.
Research and Markets: UK Personal Injury Market Report 2020: More Uncertainty for a Market Already Facing Demand Pressures - ResearchAndMarkets.com
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Value growth in the market has been between 2.5% and 2.8% in recent years, i.e. 2017 and 2018, but annual value growth improved marginally in 2019 when it reached an estimated 3.1%. However, it is unlikely that this growth will be sustained in 2020 or 2021.
This report looks at the market structure, recent developments and market drivers, the key players, the market size and trends and the future.
The planned small claims reforms have been hanging over the market for months and changes to the timing of these reforms continues to create uncertainty in the sector. These reforms have now been put back again to April 2021 and, if this date is finally the one, then there will be more pressure on a market that is already seeing a decrease in road traffic accident (RTA) claims, the largest claims sector