In the last six months, the catastrophic injury market landscape has witnessed significant shifts, reflecting broader trends within the personal injury sector. Let’s delve into the key developments, players, and emerging trends shaping this niche.
Market Dynamics and Opportunities
The market has been quieter in recent months but there’s optimism on the horizon. Currently, job opportunities for catastrophic injury lawyers tend to be more senior and specialised, however, as trainees qualify, firms are actively seeking newly qualified lawyers, creating fresh opportunities in the market.
Key players
Several firms continue to dominate the catastrophic injury landscape:
- Fletchers: A major player that has experienced growth through strategic acquisitions.
- Hudgells, JMW, Irwin Mitchell, and Hugh James: Renowned firms operating in Manchester and beyond, significantly contributing to the market.
- Leigh Day: Recognised as a top-tier firm.
- Thompsons: Another significant presence in this field.
Firms Expanding Their Teams
There are two firms that stand out for their recent team expansions: Fletchers and JMW. Fletchers’ acquisition of Serious Injury Law in February 2024 marked a significant effort to expand within this niche. Equally, JMW is also positioned for continued growth as we move towards the second half of 2024.
Emerging Trends
Several trends are shaping the catastrophic injury market:
- Rising Salaries: Over the last 12 months, salaries for newly qualified solicitors and partners have surged. Partner salary bandings rose by 15% compared to 2023, reflecting the high demand for experienced catastrophic injury lawyers.
- Firm consolidation: Market contraction has led to fewer options for catastrophic injury lawyers when it comes to making a move. However, the serious injury market has fared better than areas like EL/PL in which there have been several notable acquisitions in the last year.
- Focus on higher-value claims: In response to fixed costs reforms, firms are increasingly prioritising higher-value claims. This shift presents positive news for catastrophic injury lawyers seeking challenging and rewarding cases.
The catastrophic injury market remains dynamic, fuelled by strategic acquisitions, rising salaries, and a commitment to handling high-value and interesting claims. Although it may appear quieter than last year, there are opportunities for lawyers to develop their careers in this area.
Staying informed and connected with key players and emerging trends is essential for success. Feel free to reach out to Joseph Shenton, our specialist in this area for further insights or assistance with recruitment in the catastrophic injury sector. You can give him a call on 03300 245 606 or get in touch on joseph.shenton@realmrecruit.com
