PI firms need to develop a strategy that addresses how they will deal with the inevitable change that the Jackson Reforms have unleashed. Cost budgeting and optimised business efficiency will be key to profitability. Exploiting the right technology will go a long way in facilitating this.
The Jackson Reforms have created a reverberation in the legal PI sector. Without being able to recover legal costs from the losing side, profitability in personal injury cases is falling, prompting many claimant firms to diversify their practice in order to look for new revenue streams.
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