Gibson & Associates Solicitors has launched a file-buying service in Ireland, which will be the first of its kind. The goal is to help legal firms extract value from files. 

So far, eight firms have integrated with the Dublin-based firm, which has roots in Donegal.

Law firms and solicitors across Ireland looking to exit from a certain area of law, retire or reduce cost base, will be able to sell and transfer their casework to the Dublin-based legal firm.

Daireann Gibson, managing partner at Gibson & Associates said: “Law firms will struggle to pull back their profitability after the pandemic. They should be focusing on what they are good at in terms of specialisms.

Integration 

He says that there have been integration challenges, but the transition is managed if all parties work together to achieve a common purpose.

“The legal sector is likely to feel the effects of COVID-19 for some time after the pandemic ends due to the levels of unbilled and unpaid work,” says Gibson.

“Prior to COVID-19, the legal sector was already changing at an accelerated pace, but the impact of the virus on countries and economies is forcing firms to reconsider their business strategy, as well as think about what the legal workplace of the future will look like,” he said.

Reduction in instructions

The legal sector has seen a reduction in new instructions and payment of fees, due to the pandemic. The economic uncertainty has led to some pay cuts and a renewed focus on collecting debts, Gibson believes.

“My prediction for the future of the legal sector is that there will be a heavier focus on online activity and consolidation to reduce the cost of running a legal practice and meet the needs of clients by offering a more specialist service.”

He said: “We have always had an approach to growth through acquisition, by helping firms looking to exit the market.

“Traditionally, it has been difficult to exit the business due to professional indemnity insurance challenges and costs, as well as there being difficulties in determining value due to business structure. We wanted to create a solution that works for all parties,” Gibson concluded.