Parabis sells out to Duke Street under 'Tesco law' liberalisation
Monday 06 February 2012
Partners in law firm Parabis have pocketed millions as the London-based group becomes one of the first to benefit from a sweeping liberalisation of the £25bn legal services market.
Duke Street is expected to confirm in the coming days that it has taken a stake of just over 50 per cent in Parabis, which provides legal services to the insurance and travel industries. The deal, which will value Parabis at between £150m and £160m, has already been struck but is going through the final stages of the regulatory approval process.
When completed, it is thought that Parabis will be the first law firm to be owned by private equity. In the last two weeks the liberalisation of legal firms' ownership structures has seen Aim-listed Quindell Group announce a £19.3m deal for Liverpool personal injury law firm Silverbeck Rymer and Australia's Slater & Gordon acquire Russell Jones & Walker. The deals will require alternative business structure licences, the first of which are expected to be granted to some of the 92 firms that have applied later this month. Non-lawyers will be allowed to own the companies, which will attract entrepreneurs with commercial acumen and give growth-focused law firms the option of raising capital from the stock market. This has been nicknamed the "Tesco law" – though the supermarket chain has not sought a licence – as critics have argued it will lead to a cheap, standardised legal advice. Supporters have argued that it will make advising on simpler products, such as will-writing, simpler and more readily available online.
Jo from Northern Ireland was less than impressed by Russell Brand's attempt to stage a publicity stunt
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
Shock poll shows voters believe Ukip is to the left of the Tories
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
New era of cheap oil 'will destroy green revolution'
Ukip founder Alan Sked and Nigel Farage 'begged Enoch Powell to stand as a candidate'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
iJobs Money & Business
£40000 - £470000 per annum + bonus: Ashdown Group: Java Developer / J2EE Devel...
£45000 - £55000 per annum + Benefits: Ashdown Group: An exciting opportunity h...
$125 - $175 per annum: Carlton Senior Appointments: Senior Wealth Manager In...
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...