BMS Funding, the personal injury funding specialist, has begun funding more than 1,000 cases a month.
The company, which provides funds for small and medium sized law firms in England and Wales to run PI claims, was launched in 2015. Paul Havenhand, commercial director at BMS Funding (pictured), said that reaching the milestone of 1,000 cases a month was a great endorsement of the service that the company was providing and “proof of how crucial it is for the legal sector as a whole”.
“Our team has seen first-hand the challenges that many law firms have faced since the well-documented Jackson Reforms of 2013,” said Havenhand.
“In particular the impact on their profitability in respect of Road Traffic Accident (RTA) cases with the ability to acquire and retain cases having been severely affected.”
“Firms simply don’t want – or can’t afford – to continually acquire new RTA cases due to lack of resources. But the truth is that members of the public sometimes struggle to secure the representation, and the compensation, that they deserve. We don’t believe that’s right, and we’re proud to partner with client law firms to fully fund their case acquisition and fight for justice.”
The BMS Funding model for RTA claims sees the firm provide access to full funding for taking on new cases on a no-interest basis for up to six months. BMS Funding costs are covered by commissions received from vetted and preferred professional medical agencies and insurance companies.
“This business model is working extremely well,” added Havenhand.
“We’re able to use the commission fees we earn to fully cover our costs and provide access to our funding essentially free to the law firms who need us. Of the firms we’re already working with in-depth, we’re seeing an increase in case-loads of 25% each month, which we see as strong evidence of a mutually beneficial model which is working for everyone.”
“Every month we’re seeing more firms join our roster of clients, with most choosing to partner with us to free up their cashflow for strategic business growth and investment.”