Fasken's accounts show that profit has dropped in recent years, from £7.2m in 2012/13 to £5.9m in 2013/14
London firm Parabis Law became the 20th granted an alternative business structure (ABS) licence by the Solicitors Regulation Authority. The practice – which specialises in in claimant and defendant insurance work, operating through two brands, Plexus Law and Cogent Law -- is backed by private equity firm Duke Street.
Parabis Law is part of Parabis Group, which offers a range of non-law services to the insurance sector, alongside legal services.
Group chief executive Tim Oliver commented: ‘We are excited about the possibilities that being granted an ABS licence now opens up to us. This is a great day for all connected with Parabis. Admittedly, at times, we have felt frustrated at the time it has taken to secure our licence but we are very pleased with the robustness of the application process.’
The news comes just days after the Sheffield-based Irwin Mitchell became the largest law firm so far to gain ABS approval. At least two other private equity-backed law firms are currently awaiting an ABS licence.