Claimant solicitors including Michael W Halsall, SGI Legal and Hodge Jones & Allen, have started to use a personal injury management tool developed by Citadel Law.
The tool, aptly named LQC (Liability, Quantum and Costs) Analytics, is a risk management and financial forecasting tool. LCQ Analytics 'sits on top of case management systems' and provides firms with the categorisation of their caseloads according to risk, value and costs. Claimant firms will be able to assess fee-income forecasts and efficiency, as well as the viability of cases.
While the tool will allow investors to readily ascertain the value of a firm's book of business, there are also operational advantages.
One particular feature of the tool is a traffic light system, whereby green represents those cases where liability has been admitted, amber demonstrates there is reasonable evidence in support and red suggests the case is still being investigated. Firms using LQC Analytics are also able to predict the end date and recoverable costs.
Claimant solicitors' decisions on the future of particular cases will be supported by this system and is likely to result in an objective standard for claimant firms to use. 'Sensible' decisions on liability and quantum are more likely as offers are likely to be accepted if they fall within the 'band' of acceptable value according to the tool. Claimant solicitors may be likely to accept reasonable offers more readily. We will monitor the behaviour of claimant firms to identify if this pattern emerges.
New Personal Injury Management ToolThe content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.