Parabis Group receives new investment from private equity firm
Capital to fund a programme of investment in people, property and technology
The first private equity investor to enter the post-reform legal services market is increasing its investment in Parabis Group.
A £13m investment by Duke Street is said to underscore the firm's long-term commitment to Parabis amid continuing changes to the legal services sector.
"The changes to the legal services sector through liberalisation and increased competition have been more profound than anyone anticipated in 2010," commented Charlie Troup, a partner at Duke Street Capital, "we believe the strongest firms will not only embrace these changes but also lead them.
"Parabis has done this through its entry into consumer law and the evolution of its ABS models; together we are building a sustainably competitive business which will benefit customers and employees alike. We are delighted to show our long-term support with this further investment."
Parabis secured alternative business structure (ABS) status for Parabis Law LLP in 2012. Duke Street became the first private equity investor to enter the legal services market following the introduction of LASPO. In the past year Parabis has formed ABS joint ventures with insurers Direct Line and Saga.
The ABS is hoping the new capital will fund an ambitious programme of investment in people, property and technology, creating a modern infrastructure for the business. Over the past year, Parabis Group has been restructuring its business leading to redundancies at several of its offices.
Tim Roberts, group commercial director and founding partner at Parabis, said: "This investment provides Parabis with the firepower to move confidently into the future as we use the best talent and technology to unlock extraordinary opportunities for our customers. Duke Street has underlined its long-term commitment to this strategy which is already transforming the way the market views legal services."