A law firm’s most valuable asset lies within its filing cabinets. Recognise the true value of WIP to maximise the potential.
WIP valuation is a unique and distinct service which MRN are extremely proud to offer banks, funders and solicitors alike. This comprehensive service will be entirely necessary if:
- Your business provides financial assistance to law firms.
- You are involved in the merger or acquisition of a firm of solicitors.
- Your firm is heading towards administration.
If you are in this situation, then you will be aware of the necessity to establish a realistic valuation of WIP, for the following reasons:
- If you are involved in the sale of a firm, acquire the true value from all live files.
- Obtain an accurate valuation of WIP, as an asset on which to secure a loan.
- If you are involved in the purchase or merger of a firm of solicitors, we will work with you to provide a clear and concise analysis of the law firm’s true asset concealed within WIP.
- If your firm is in crisis and heading towards administration, it is imperative to understand fully the value of your assets. MRN will support your firm to uncover the hidden value within WIP, to help you obtain capital and finance.
Do not rely on the WIP ledgers as an indication of the true value of the file. Many firms use WIP to tally up and record the case value, however these are often inaccurate due to the use of low hourly rates (to limit taxation) and the imprecise record of time keeping. They also fail to take into account any additional recoverable sums such as success fees.
We will use our vast experience and expertise in the field of legal costs, to ascertain the true value of the law firm’s most prized and valuable asset, which is of course; Work In Progress (WIP).
MRN’s WIP Valuation service is the answer which your business has been looking for.
Do not delay! Contact Elliot Mocton today on 0161 830 8474 or [email protected] for a free consultation!