Litigation co-operation – why a CMC partnership opens up new opportunities for your legal firm
If recent headlines are anything to go by, the current financial landscape for UK consumers is a bleak picture of costly scandals, regulatory fines and mass complaints.
The Financial Conduct Authority’s claims deadline on mis-sold PPI back in August 2019 was supposed to draw a line under the UK’s worst ever consumer scandal. But as PPI complaints have subsided more costly, headline-grabbing crises have taken their place. Life savings have been wiped out in the Woodford investment scandal, taxpayers face footing a £120m compensation bill following the collapse of London Capital & Finance and short term lenders Amigo and Provident faced going out of business following waves of complaints about unaffordable lending.
As well as Packaged Bank Accounts, products such as pensions and investments have been mis-sold on a huge scale, vehicle manufacturers have deceived authorities and customers alike on diesel emissions and massive companies have neglected their data protection obligations leading to severe information breaches.
All of which means Claims Management Companies such as ourselves, and legal firms such as yours, are busy offering a whole new range of claim opportunities to consumers.
With different firms specialising in different products, have you considered the commercial benefits of working together?
As two industries both offering expertise in their fields, co-operation between CMCs and legal firms makes sense for all parties. Opportunities within existing customer databases are maximised, brand new customers can be introduced and new life can be breathed into otherwise dormant cases.
Wastage is reduced, the additional custom comes with little to no further resource expenditure on your part and customer communications can be structured to maintain your tone of voice.
Consumers meanwhile benefit from the specialist knowledge and experience of both firms, with a streamlined journey that hopefully ends in financial justice.
The Fair Trade Practice are one of the biggest and longest-running Claims Management Companies in the UK. Having helped hundreds of thousands of customers reclaim what was rightfully theirs, our unique recommendation business model saw us become market-leaders.
As a firm at the vanguard of our industry we are always looking for innovative new ways to grow, and invite applications for new partnerships to add to the ever-growing list of claim opportunities we offer our customers.
Partnerships are bespoke arrangements that benefit both parties, and can take the form of database purchases, lead swapping arrangements or lead referral schemes.
Likewise if a partnership is not for your firm at this time, but you know of another firm who could benefit, please get in touch as we may be able to arrange a finder’s fee.
To begin exploring partnership possibilities with The Fair Trade Practice, speak to our Business Development Manager Jason Brown in the first instance for an initial informal discussion.
Jason will provide you with further information about us, our partnerships and the opportunities mentioned above, whilst also taking the time to understand more about your business and requirements.
Initial discussions can be held over the phone, via video call or in person to suit your circumstances, and any commercially sensitive information you share with us can be protected by a Non-Disclosure Agreement.
To connect with Jason and get started just click here.