Parabis sells out to Duke Street

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 been struck and 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. It follows AIM-listed Quindell Group's announcement of a £19.3m deal for Liverpool personal-injury law firm Silverbeck Rymer and Slater & Gordon's takeover of Russell Jones & Walker.