Minster Law has successfully returned to profitability after a strategic transformation.
- The firm achieved a £503,000 pre-tax profit, marking a significant turnaround from losses.
- Key changes included embracing new technologies and streamlining operations.
- Serious injury cases have become a major growth area, with a 50% increase in case volumes.
- Minster Law plans further expansion and new partnerships to boost its services.
Minster Law, a personal injury specialist firm based in Wakefield, has reported a positive financial turnaround after navigating significant market shifts. Following a three-year transformation, the firm announced a pre-tax profit of £503,000 for the year 2023/24, a remarkable shift from the previous year’s £4.7 million loss.
The catalyst for this transformation was the 2021 market reforms that dramatically reduced income from volume claims. Recognising the unsustainable nature of their previous approach, Minster Law’s CEO, Shirley Woolham, emphasised the need for a radical overhaul. “Doing volume PI the same as it used to be done was just not an option,” she stated. The firm adopted a start-up mentality, examining every aspect of its operation and implementing transformative changes to secure sustainable growth.
This strategic shift involved restructuring internal operations, integrating innovative technologies, and streamlining processes. These efforts culminated in the firm not only achieving profitability but also delivering an EBITDA of £2.5 million for 2023/24, excluding exceptionals.
Minster Law exceeded its first-quarter financial targets, driven by new initiatives. The firm has invested in cutting-edge technology, including a new platform that simplifies claims registration and enhances client interaction. Improvements in communication channels and digital services, such as the INK claims portal, furthered these advancements.
The firm also leverages advanced data analytics to assess insurer behaviour within the Official Injury Claim portal. This insight has revealed inconsistencies among some insurers in adhering to set protocols, affecting decision timelines. “We know that the average time taken to provide an initial liability decision has increased by three days,” Shirley noted, attributing this to a few top insurers.
A standout area for Minster Law has been its serious injury division, which has seen a 50% rise in cases over two years. This growth has bolstered the firm’s commitment to expanding its serious injury practice, supported by a dedicated team of 188 out of the 508 staff. Looking ahead, Minster Law is exploring avenues for organic growth and acquisitions to enhance its expertise in handling complex, high-value cases.
Plans are underway to establish new partnerships aimed at supporting clients with life-changing injuries. Minster Law’s solid capital base now positions it to manage these challenging cases effectively. As Woolham articulated, the focus remains on investing in the right people, technology, and infrastructure to deliver excellent service.
Minster Law’s strategic overhaul has poised it for continued success in an evolving market.
