Lovetts Solicitors Managing Director, Michael Higgins, appeared on a Federation of Small Businesses panel with the Member of Parliament for Guildford; Angela Richardson and MBE, EM3 LEP Board Member; Ren Kapur to set out the post-pandemic Roadmap to Economic Recovery.

Michael Higgins expressed his ‘admiration for the way businesses have coped during the pandemic’ before giving advice on the importance of cash flow and the impact late payment has on businesses.

Key metrics prior to the pandemic showed an economy that was already struggling. These included:

• In 2015, 1.5 million money claims were issued through the Courts. By the end of 2019 this was up by 30% to 2 million claims. County Court Judgments (CCJs) have a significant impact on the credit rating of companies and individuals.
• Cashflow was clearly a problem because:
  • In 2015 only 47% of claims would result in a default County Court Judgment compared to 58% in 2019.
  • County Court Judgments also known as CCJs have a significant impact on credit ratings so most businesses or individuals will seek to avoid having one but by the end of 2019 58% of debtors did not appear to have the means to pay at the court claim stage.
• This is also reflected in the statistics for companies being wound up and going into liquidation. There was an 18% increase in company insolvencies in 2019 compared to 2015.

The pandemic will undoubtedly have impacted the economy even further. Cash flow for businesses will be crucial as part of the roadmap to post-pandemic recovery. Michael gave attendees some key tips for businesses to help protect their cash flow. These inclused:

• Create a process of sending out invoices promptly.
• If you have the time, contact your customer prior to the invoice becoming due to double check they have your invoice and it is on their payment run.
• Have a process where you chase late payment promptly in house for a certain period of time that you are comfortable with from a cashflow perspective and stick to that time frame.
• Once that credit control period has ended, get it to a third party debt recovery specialist and ask them to send a letter. A Solicitors letter can cost as little as £5 and on average 86% of cases will get paid.
• 58% of business fear chasing late payment in case it upsets customers. But Lovetts Solicitors experience they don’t get upset, if you have already chased your customer and warned it will be referred to a third party debt collector, they aren’t going to be surprised when they do get a Solicitors letter.
• Some companies have an internal policy to not pay customers until they receive a Solicitors letter because it means they can keep hold of the money longer and improve their cashflow to the detriment of their customers.
• As mentioned above 86% of cases are resolved upon receipt of a Solicitors letter and we often see our clients continue to trade with their customers.

Could the government do more? It was mutually agreed by Michael and Ren that the government could go further in providing support for businesses in order to aid in the economic recovery. However, credit was given for the introduction of the furlough scheme and government grants to help businesses and the general public.

The potential impact of the pandemic in respect of the mental health of employees was also discussed. The panel agreed that employees working from home and in isolation from colleagues was likely to have an impact on mental health and would have to be managed carefully. Michael explained how Lovetts Solicitors had partnered with Oakleaf, a mental health charity based in Guildford, and that mental health first aid courses were offered. Oakleaf also work to support individuals with their mental health by arranging activities that can be attended to via zoom, hampers for their members at Christmas, they offer one to one support and recently have helped 95% of their clients to feel less isolated during the pandemic.

One thing we know can have a positive impact on our mental health is going on holiday. As things stand at present, the government are stating that travel is going to be possible from the 17^th May. Ren Kapur had to say that we should still be a little cautious when it comes to the idea of being able to go on holiday as things could change on a week by week basis. Angela Richardson was able to shine some light on this situation as she confirmed details such as the fact that nothing is set in stone and International travel after 17^th May is subject to review, much closer to the time. Angela put forward the concept of the ‘traffic corridor system’. This is the idea that depending on the infection rates and how safe it is to travel, countries will be put into either red, amber or green categories to prevent the further spread of the virus or new variants from other countries. She went further to encourage stay cations which seems to be the best way of continuing on our pragmatic road map to recovery.

To share some final thoughts, Managing Director of Lovetts Solicitors, Michael Higgins had to say; “it is going to be a tough road to recovery but there is a lot of faith to be had in businesses”. A similar thought was shared by Ren who agreed that she had a lot of faith in our country and our communities that we can all work together to support one another on our Road Map to Recovery.

Lovetts Solicitors has been Highly Commended in the 2020 Law Society Excellence Awards, in the category of Excellence in Business Development. A series of virtual ceremonies for the 2020 awards programme took place earlier this month, in which the winning and highly commended entrants were announced.

“It’s obviously a huge honour to have received this recognition,” said Michael Higgins, Managing Director for Lovetts. “As a firm, we’re proud to have been recognised by a number of awards programmes in recent years. This one resonates particularly strongly, because it comes directly from the Law Society itself, – an organisation that sets the highest standards for our sector. Congratulations to the entire team, all of whom have worked tremendously hard, particularly during the Covid disruption of the last six months.”

Over the past two years, Lovetts has seen significant growth across clients, caseloads, and staff count. Earlier this year the Firm’s Founder & Chairman, Charles Wilson, received the Outstanding Contribution to the Industry Award, at the Chartered Institute of Credit Management (CICM) British Credit Awards 2020.

Despite the onset of the coronavirus pandemic, every single individual across the firm has worked tirelessly to ensure we maintain the highest standard of service for our clients. As we look ahead to 2021, Lovetts expects to grow its business debt recovery offering even further.    

Managing Director of MBL Collections, Mark Bebbington, has been working with Lovetts Solicitors for more than 10yrs. Here, he talks about his experiences working with the firm, and how our bespoke CaseManager debt recovery software can provide significant assistance in the day-to-day credit management process. 

Lovetts Solicitors has been named as the 2020/21 homeshirt sponsor for Woking FC. The announcement comes after two seasons spent as a ground and advertising sponsor with the National League side, and increases the firm’s visibility across the club and the local community. 

Lovetts Solicitors has joined the growing list of almost 6,000 UK businesses that have been accredited with Living Wage Employer status. The cross-party project seeks to encourage businesses to go beyond the government’s basic national living wage and pay a ‘real living wage’ based on what employees and their families need to live.

Lovetts Chairman, Charles Wilson, has received the Outstanding Contribution to the Industry Award, at the Chartered Institute of Credit Management (CICM) British Credit Awards 2020. In addition, the firm was also shortlisted for two company-wide awards in the categories of B2B/Consumer Supplier of the Year and Legal Provider of the Year.

The trophy was presented at a special ceremony held at the Royal Lancaster Hotel in London, hosted by Colin Murray. The judges described Charles as “A man who has done much to promote ethical standards, the best use of technology, and striven to improve the reputation of the debt recovery profession.”

Lovetts Managing Director, Michael Higgins, added: “Those within the credit industry who know Charles instantly warm to him. He has a strong moral compass and his integrity cannot be surpassed. I owe my career to Charles and I cannot thank him enough for his time, guidance and support.”

Since forming Lovetts Solicitors 25 years ago, Wilson has worked tirelessly for the benefit of both the firm and the credit industry at large. In the early 2000’s he masterminded and launched an online client portal called CaseManager, which provides clients with transparency and control over the debt collection process.

He has worked diligently over the years to promote best practices in terms of prompt payment, and utilising late payment legislation and contractual terms, to protect the cashflow of UK businesses.

Commenting on the award, Charles said: “I am very humbled to be recognised by the industry in this way. Of course in reality, this is down to the immense contribution that so many others have made over the last 25 years, and continue to make on behalf of Lovetts day in, day out. I was particularly pleased to see the Institute recognise the quality, excellence and integrity of the work carried out by the firm. That’s what we’ve stood for, and will continue to do so, above all else.”

The ceremony also marked the end of the tenure of Philip King as CICM Chief Executive, who has been appointed by the Government to act as interim Small Business Commissioner in Birmingham. Sue Chapple, the CICM’s Director of Strategic Relationships, will assume the role of interim CICM Chief Executive until a permanent successor is recruited.

For a gallery of images from the awards evening click here.

Lovetts Solicitors has been shortlisted for two awards at this year’s Chartered Institute of Credit Management (CICM) British Credit Awards. The firm has been named as a finalist in the B2B/Consumer Supplier of the Year and Legal Provider of the Year categories.

The CICM British Credit Awards recognise the stand out achievements of the most deserving individuals, teams and organisations in the international credit industry. Launched 8yrs ago, the programme is seen as one of the most important in the credit management industry, a sector that makes up a significant proportion of the Lovetts client base.

“We are delighted to have received this recognition in both the supplier and the legal provider categories,” said Michael Higgins, Managing Director for Lovetts. “The firm supports the work of credit professionals on a day-to-day basis, helping them to manage late payment and cashflow issues as they occur. When claims do become more serious, our legal team is on-hand to provide advice, and assist our clients directly in recovering debts. This recognition from the CICM is a true reflection of the of the hard work that goes on right across the firm, and we’re extremely proud to have been shortlisted in both areas.”

The 2020 ceremony will take place on Wednesday 5^th February at the Royal Lancaster Hotel in London. You can find out more about the CICM British Credit Awards programme here.

Lovetts Solicitors has been named as the Debt Recovery Firm of the Year in the 2019 UK Lawyer Monthly Legal Awards. The programme recognises the achievements of law firms and individuals who have delivered exceptional results for their clients over a twelve month period.

The award caps-off a strong calendar year for Lovetts, which saw its Managing Director, Michael Higgins, nominated for Business Person of the Year at the Surrey Business Awards in November. The firm has also been nominated in two categories at the upcoming Chartered Institute of Credit Management (CICM) British Credit Awards, which will take place in London next month.
The Lawyer Monthly Legal Awards programme seeks to reward those firms and lawyers who have demonstrated peerless accomplishments within their sector. The judging process typically takes several months to complete from nominations being received, to shortlisting, before firms are put forward to the final judging panel.

We are delighted to have received such strong recognition from an internationally established body, and look forward to a busy 2020 ahead in which the firm will strive to improve upon its excellent customer service and debt recovery capabilities even further. 

Lovetts Solicitors is featured in this month’s edition of Credit Management magazine, in an article looking at the firm’s attendance of a recent Federation of Small Business (FSB) Roundtable hosted by the association’s National Chairman, Mike Cherry OBE.

The advertorial piece was run to coincide with Lovetts’ ‘Free LBAs in November’ campaign, which offers both existing clients and new sign-ups the opportunity to send free Letters Before Action (LBAs) throughout the month.

In addition to supporting the Prompt Payment Code over many years, the firm has previously collaborated with the Federation of Small Businesses to promote the importance of prompt invoice payment for SMEs (Small-to-Medium sized enterprises) and offer advice on how small businesses can optimise their credit management procedures. The recent event provided an opportunity to update the group on best practices within the wider context of how the FSB can successfully support small businesses going forward.

“We work with companies of all size and sector, from FTSE 100 organisations down to independent businesses with less than ten employees.” says Charles Wilson FCICM, Chairman of Lovetts. “Despite progress in recent years in legislation and the debt recovery sector, and the relentless mission of organisations like CICM and FSB, we still find that not all businesses are clear about the debt recovery process.”

“It’s a shame. Educating themselves on the current regulations and best practice processes is particularly important for smaller businesses, where cashflow is their operational lifeblood. As always, we were delighted to sit down with the FSB and provide input in this area.”

The article, which was originally run on the Lovetts website, can be viewed in full here.

Michael Higgins, Managing Director for Lovetts, has been nominated in the category of Business Person of the Year at the 2019 Surrey Business Awards. The packed-out event took place at Epsom Downs Racecourse last week, and was one of the most highly attended ceremonies in the programme’s history.

A team from Lovetts, including Michael, attended the event, which this year saw 14 categories and 56 nominees recognised for their contribution to business across the county and around the world. The overall Businessperson of the Year prize was awarded to Giles Thomas, Operations Director for The Manor Collection, a small group of individually styled hotels based across the South East of England.

“It’s a great honour to have been acknowledged amongst such a strong awards programme in the Surrey Business Awards,” said Michael Higgins, Managing Director for Lovetts. “While it’s an individual award, it is representative of a wider team effort, which has seen the firm go from strength to strength in recent years. I’m tremendously grateful to the entire Lovetts Team and congratulations to the overall winner – it was a great event to be part of.”

Amongst the other winners were Glucorx, a Guildford-based business that produces diabetic products and glucose testing solutions for type 1 & type 2 diabetes. The company received both the Large Business of the Year and the Company of the Year awards.

Additionally, it was hugely rewarding to see a number of Lovetts clients recognised for their work in the area, and local mental health charity, Oakleaf Enterprise, received the award for Charity of the Year.

To view more images from the event click here.