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Major PI firm reveals £13m profit hit as reforms loom

Major PI firm reveals £13m profit hit as reforms loom

One of the country's biggest personal injury firms saw profits tumble in the last financial year.

Pre-tax profits at national firm Thompsons Solicitors slumped from £16.2m in 2014/15 to £3.4m in the 2015/16 year ending 30 April. Turnover fell from £76m to £67.3m as the business faced difficult conditions in the personal injury market.

In November, justice secretary Liz Truss outlined plans to increase the small claims limit for personal injury claims to £5,000 - effectively removing most lawyers from the process - and scrap or reduce compensation payments for soft-tissue injuries.

Thompsons has spearheaded a campaign to oppose the changes, accusing the government of feeding 'fat-cat' insurers.

Firms have warned of the potential effects of Truss's proposals, with dozens admitting in a poll that they would either close their personal injury department or shut down altogether.

Source: Law Gazette

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