Thursday, 11 April 2013

Parabis off to a flying start as an ABS


Parabis, the parent company of Plexus Law and Cogent Law, has turned in an impressive first year of trading as an ABS entity, seeing its revenues rise 8% to £108m and its profits rise a whopping 41.4% to £18.4 million.
The business was launched in 2000 as an LLP by Tim Oliver (formerly partner of Berrymans Lace Mawer), and provides a range of legal and claims-handling services for the insurance sector.  It has been something of a trail-blazer in the post-Legal Services Act world, being the first PE-backed ABS structure, following a £50m investment by Duke Street.
Since then the firm has been expanding rapidly. In November it launched a Scottish office in Glasgow and has followed up 6 months later with the establishment of an Edinburgh office, to be staffed by a partner-led team poached from Brodies.
There has been much discussion on whether law firms and PE houses make easy bed-fellows, but the early signs for this particular marriage appear good.

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