The evaluation of real work-in-progress figures to assist potential lenders is a specialised branch of the Quality Rating service.
The figure on the solicitors balance sheet often does not accurately reflect the real work in progress figures for a firm. Because we are legally qualified, and experienced file reviewers, we are in a unique position to be able to tell whether a case is likely to succeed or fail, and whether the firm is likely to achieve all, part, or none of their claimed work in progress for a particular file. We can provide detailed evidence relating to:
• Recoverable fees in litigious/contentious cases
• Dates by which such fees will be recovered
• Likely non-contentious fees
• Likely “irrecoverable” work in progress
• Active client analysis
This information enables us to analyse and report accurately on the real value of a firm’s work in progress.
We have corrected WIP figures by up to 52.5%, which shows just how inaccurate stated WIP can be. Your clients will value such expertise highly and it could significantly alter terms of mergers, acquisitions, or partnership dissolution. It is a cost that solicitors often would be prepared to cover as a disbursements, as the cost of using Quality Rating is a fraction of the cost of using their own senior personnel.