After running a full service collections
service for a key client over the last two years, national law firm
Shoosmiths is to offer a Portfolio Management product to the wider
motor finance market.
Overseen by head of collections Kevin Parker,
the service has been designed to handle all collections, recoveries
and litigation work for clients, while also looking after
regulatory compliance.
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Shoosmiths is not the first organisation to
offer integrated legal and collections services –
Warwickshire-based solicitors firm Wright Hassall recently began
offering its services as a Debt Collection Agency, while DCAs such
as Close Credit Management have been developing their legal
offering in recent months.
However, Shoosmiths says it is offering
services on a whole new scale. Parker commented: “There are other
law firms out there doing this, but they’re mainly regional firms
without the reach, resources and strength in depth we’re able to
offer, which includes the day-to-day involvement of senior
managers.
“One the main advantages we have is our
ability to offer regulatory compliance to ensure that all
procedures are in line with what the regulators require, which is
essential at a time when the financial sector faces increasing
legislation”.
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