Tuesday 06 November 2012 by John Hyde
Recent alternative business structure convert Parabis has announced a move into the Scottish market.
The firm says its expansion has been driven by demand from clients in England and Wales and is reflective of a changing legal profession in Scotland. The new Parabis office in Glasgow will offer claimant and defendant insurance law services, with the latter carrying the Plexus Law brand.
'This is just the beginning for us in Scotland,' said Tim Roberts, senior partner at Parabis. 'It is a strategic move being made in response to demand from existing clients who use our services in England and Wales and want us to be able to advise their Scottish operations.'
Scotland has been more hesitant than England to embrace external forces, allowing just 49% of each law firm to be owned by non-lawyers.
Roberts said the new venture will mimic some of the elements of its operation south of the border, particularly with multi-disciplinary services and new business models to reduce costs.
Tony O'Malley, who will lead Parabis Scotland, said the jurisdiction was undergoing a similar consolidation to that seen in England in recent years.
He added: '[Scotland] is starting to respond to changes inspired by the Legal Services Act. There is demand for a greater breadth of capability and reach - the kind that Parabis is able to offer its clients.'
In September, Parabis Law became the first private equity-backed organisation to be granted an ABS licence by the Solicitors Regulation Authority.
The group employs around 2,240 people in the UK and sold a 'significant share' of its business earlier this year to Duke Street in a deal valued between £150m and £200m.