PE firm Duke Street buys controlling interest in London law firm
Parabis. The deal, which is subject to regulatory approval and is yet to be announced, will see Duke Street take a controlling interest in the insurance and travel industry law firm for somewhere £150m and £160m.
The deal was made possible by recent reforms under the Legal Services Act, which allows UK law firms to be owned by non-lawyers. It is thought that the reforms will allow law firms to raise capital from the stock market to grow their businesses, and will encourage efficiencies that will be of benefit to the consumer, with simple legal services sucjh as will-writing offered cheaply and in a standardized form.
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