Cash has always been king in business but at the moment it seems to have taken on the mantra of Emperor. No doubt the managing partner is on to you more than ever to get bills out and cash in. I have written before on the potential benefits of mediation for personal injury and clinical negligence lawyers but is worth highlighting this again.
Try this. Pick a file with plenty of WIP on it. A file which, if an offer came in tomorrow you could advise your client whether to take or leave. Call the other side. Explain that under your joint responsibilities under the pre-action protocol, the CPR bla, bla, bla you think this case should be mediated.
If they agree fix a date in the next fortnight – tell the mediator it’s urgent! Settle client’s claim and your costs on the day, costs to be paid within fourteen days.
Results?
- Satisfied client because of early settlement of claim;
- Increased WIP on the file from preparation and attendance at mediation;
- WIP, success fee and disbursements recovered within 28 days of today;
- More time to work on other files (OK that may be a downside!).
Tell me how you get on.
