Prior to the emergence of our winding up search solution, the only way to check the winding up petition status of a company was to either call Companies Court, or outsource this task to a team elsewhere, whether that be in the UK or offshore.
In this article, we explore the above options in more detail and discuss what is one of the most inefficient processes in the legal sector.
Obtaining information directly from the Courts may seem the most obvious option, but in this case it’s a highly inefficient process. This is especially true if you’re a law firm that carries out large volumes of winding searches each week. Not only are calls charged at a premium rate of 75p a minute, you’ll also need to factor in your unbillable time.
Consider the fact that it often takes hours to obtain just one result, and the volume of call charges and wasted unbillable time becomes eye watering. Calling Companies Court also means a reliance on a verbal ‘yes’ or ‘no’ answer, so you have zero evidence to show your client.
The legal services sector is as competitive as ever, so for many large UK law firms, it makes perfect sense to outsource any time-consuming processes that could hamper efficiencies. Reductions in unbillable time and staff labour costs are just two of the ways that outsourcing can have a profound effect on the bottom line, but this does come at a risk.
While this option can deliver some efficiencies, it still presents the following problems:
Unfamiliar with the concept of process outsourcing?
The outsourcing of business processes is a concept that has been around a while in the legal sector, and although it has generally been reserved for large law firms, it’s become increasingly popular with small and medium-sized firms in recent years.
One of the key reasons for the growth of the outsourcing market was the economy taking a switch for the worse. This had a significant impact on law firms, as clients in industries such as financial services began pressuring them to lower fees. As a result, efficiencies had to be made to maximise profitability.
It’s clear to see that outsourcing the process of checking for winding up petitions is a direct result of calling Companies Court being too time consuming. Outsourcing the process eliminates that worry, but it still carries risk and cost inefficiencies. A large element of the risk comes from being reliant on a verbal answer that has not come direct from the source (Companies House).
Our industry-leading solution gives you the benefits of both the above options, and more, without the risk. Winding up searches are ordered via our platform, and within 15 minutes, a PDF report is delivered to your inbox. We search every terminal at Companies Court, providing complete peace of mind that the results we provide are direct from source.
To talk to one of our experts or see how our solutions could benefit your law firm, call 0800 197 1757