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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