Profit improvement, Diagnostic Review, WIP Valuation and Auditing

Citadel Law is a trusted advisor to law firms from top 30 with turnover in excess of £100M to sole practitioners with turnover of £250K. We provide discreet advice to improve operational efficiency and increase profitability.

We are typically retained to advise upon the following issues:

  • Fee earner performance including technical, operational and case management capability, oversight and compliance issues.
  • Hourly rates, reasonableness of time recorded, proportionality & complexity, costs estimates and recoverability.
  • WIP valuation pre M&A, both vendor and purchaser and post transaction due diligence and integration.
  • Whether a Firm’s MI is accurate and robust under external due diligence and scrutiny.
  • The value of past WIP and likely future WIP and income generation from cases to ensure the Firm achieves maximum return on investment.
  • Interim billing, negotiating payments on account of costs and tactics to ensure WIP and disbursement lock up is reduced.
  • Risks associated with poor client care, complaints, professional negligence, key date management issues that may undermine WIP and fee earner value and indicate professional indemnity and regulatory risks.

The power to reshape your practice

LQC Analytics is a risk management and financial forecasting tool that is easily integrated with case management systems in personal injury claims.

It provides the solution for law firms by predictive insights into the value and risk in personal injury claims combined with real-time fee earner driven data.

The key metrics of liability, quantum and costs together with their risk analysis are monitored with our integrated and highly developed traffic light system, enabling informed decisions on the operational management and financing of personal injury claims to be made with confidence.

LQC Analytics Auditing Services delivers on-going independent and expert reporting of a law firm’s usage of LQC Analytics. It provides objective oversight to the challenges personal injury law firms face in terms of value, risk and cash management.

Law firms are guaranteed a clear and significant advantage with assurance and demonstration of personal injury claims value. This enables management, funders, bankers, ATE and professional indemnity insurers to invest with confidence.

Providing the solution

LQC Analytics provides 10 key performance indicators of value for personal injury law firms.

  1. Tracks each claim’s lifecycle from start to finish by reference to the key metrics of settling liability, valuing quantum and managing costs correctly with reference to WIP value.
  2. Delivers real-time data which profiles a caseload by risk, value, costs and complexity – using a ‘Red, Amber, Green’ rating system – producing more accurate WIP analysis.
  3. Enhances risk management and oversight in respect of fee-earner performance.
  4. Forecasts cash flow – daily, weekly, monthly, quarterly – to demonstrate the claims settlement pipeline and likely fee income.
  5. Increases certainty of business plans with real-time analysis of claims progress rather than analysing past performance.
  6. Provides the ability to act more quickly to meet shortfalls in fee income or unexpected claims outcomes.
  7. Speeds up cash collection with more timely interim and final billing.
  8. Improves fee-earner awareness of commerciality through visibility of their own performance.
  9. Bridges the gap between the operational and financial performance overviews – providing clarity and oversight for management, bankers, funders and insurers.
  10. Creates a standardised approach that is easily achievable for law firms.

How it works

With ‘LQC Analytics’ our solicitors provide training to your firm supported by a manual. Law firms install the system via their own technical resource, although we can provide installation if required.

The data to populate the system is completed by your fee earners following installation.

There are three separate modules for personal injury, clinical negligence and industrial disease.

‘LQC Analytics Auditing Services’ provides regular auditing verify your law firm’s usage of LQC Analytics is correct.

We recommend an initial 15-month programme that provides an initial audit after two months of LQC Analytics being up and running, and two more at six-month intervals, but ultimately it is a bespoke service we will agree with you.

Alternative auditing support can be agreed that is tailor made to your firm’s requirements.

Follow @LQC Analytics on Twitter where regular tips and insights will help PI law firms improve their operational performance and WIP analysis.

Cost

With ‘LQC Analytics’ there are separate modules for fixed costs and standard costs covering personal injury, industrial disease and clinical negligence.

There is a discount for buying more than one module within fixed costs and standard costs, and differential pricing depending on the size of your PI team.

‘LQC Analytics Auditing Services’ provides regular auditing verify your law firm’s usage of LQC Analytics is correct.

We recommend an initial 15-month programme that provides an initial audit after two months of LQC Analytics being up and running, and two more at six-month intervals, but ultimately it is a bespoke service we will agree with you.

Alternative auditing support can be agreed that is tailor made to your firm’s requirements.

For more details on our bespoke auditing service to meet your requirements, pricing and flexible payment terms please contact us.

LQC Finance

What our clients say

LQC Analytics has evolved from a tool to prevent a law firm facing administration to turn around to one that is used by leading law firms to improve operational performance and profit. Click on the images to see what our clients say:

We provide law firms with our deep sector expertise in law firm finance. For law firms who do not have a Financial Director, we can provide support as required.

Our legal finance expertise covers oversight of the operations of Finance and Costs teams, with the primary focus of driving financial performance, strategy, growth aspirations, and on-going contingency planning to adapt for future regulatory change.

Specific areas of support:

  • Management information and reporting review; assessing the quality of MI being produced and overseeing improvements.
  • Regular review of MI and reporting highlights and /or areas of concern to partners.
  • Assistance with implementation of LQC Analytics.
  • Preparation of budget and cash flow projections for use by Firms in decision making and to meet external funder’s reporting requirements.
  • Assistance in securing uplift in existing banking facilities to support future growth plans.
  • Formulation of a Finance Team business plan.
  • Advice regarding design of and implementation of bonus schemes to drive enhanced performance without compromising client care.
  • Strategic support for all partners with implications (both accounting and tax) of decisions being assessed and reported on.
  • Training in understanding Finance in law firms, core financial disciplines and Solicitors Accounts Rules.

Workflows

Our workflows for serious injury, clinical negligence, occupational disease and NIHL are utilised by our law firm clients to enhance their existing case management systems and workflows.

Through targeted core documents, checklists, complex case plans and letters our workflows drive higher levels of performance through your caseload and up-skill your fee earners.

Practice Guides

Our Practice Guides are used every day by solicitors to improve outcomes for injured clients, operational efficiency and profit.

Click on each of the following images for further details:

Increasing Cash Flow – Personal Injury Lawyers Guide

The Rehabilitation Code 2015 – Essential Guide for PI Lawyers

What our clients say

Following implementation of our practice guides and workflows

Contact us should you wish to purchase any of our practice guides

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CPD and Continuing Competence Training

Access to quality training that will help you keep abreast of legal requirements is vital.

We deliver a comprehensive range of high quality training specifically tailored to suit our clients’ needs delivering both SRA CPD accredited courses and the ‘continuing competence’ approach to training.

Our courses are always bespoke and inter-active with actual case studies of live clients utilised – progressing challenging issues in cases through chargeable time.

Our in-house training is a cost effective method that ensures that training across the firm is standard and every team member is encouraged to adopt new techniques to improve operational efficiency delivering the highest outcome for injured clients.

Training examples

  • Essential guide to WIP building and recovery
  • Commercial PI Claims Management and Maximising Costs Recovery
  • Cash flow forecasting and interim billing
  • Maximising value for clients and costs – Including complex case planning, 2015 Rehabilitation Code, SMART use of experts, evidence gathering and time management
  • NIHL – effective risk management to guarantee success
  • Clinical negligence – effective risk management to guarantee success

High Cost Case Funding

Citadel Law are delighted to work with VFS Legal Funding in delivering a High Cost Case Funding product dedicated to the claimant personal injury sector.

In claims where liability is admitted or you have judgement you may be able to use the CPR and case law to access an interim payment on account of costs from your opponent but quite often they either won’t pay or draw out the process.
In these circumstances a new litigation funding product can now be used that is specially tailored to meet the cash flow requirements of personal injury law firms who self fund high value and high cost cases.
 
This “modern day replacement for legal aid” developed by Citadel Law in conjunction with VFS Legal Funding, facilitates access to justice and places claimant law firms on a level commercial footing with their insurer counterparts.

For more information, see our brochure

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