RollOnFriday understands that Parabis is in talks to sell Plexus Law to Keoghs Solicitors.
Plexus is the personal injury arm of Parabis Law, which in 2012 became the first firm to attract private investment under an alternative business structure licence (ABS). Fellow PI firm Keoghs also converted to an ABS in 2012, enabling it to take its own cash injection from private equity house LDC. However last year the North West firm's net profits fell 19% from £11.6m to £9.4m and it made made mass redundancies, which it blamed on reforms to the personal injury market.
Plexus made 80 non-fee-earners redundant earlier this year when it outsourced its high volume, low value claims work to South Africa. Together with Parabis, it also 'won' RollOnFriday's Golden Turd in 2014 when staff voted themselves the least satisfied in the UK.
Keoghs employs about 1,050 people, approximately 750 of whom are fee-earners. Until the dreaded 'synergies' kick in, the acquisition of Plexus' 1,200 staff would make it a PI monster.
A spokesman for Plexus told RollOnFriday, “Like any other firm, we remain open to discussions with interested parties, but it is our policy not to comment on market speculation”. So it's all true then.
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Plexus is the personal injury arm of Parabis Law, which in 2012 became the first firm to attract private investment under an alternative business structure licence (ABS). Fellow PI firm Keoghs also converted to an ABS in 2012, enabling it to take its own cash injection from private equity house LDC. However last year the North West firm's net profits fell 19% from £11.6m to £9.4m and it made made mass redundancies, which it blamed on reforms to the personal injury market.
Plexus made 80 non-fee-earners redundant earlier this year when it outsourced its high volume, low value claims work to South Africa. Together with Parabis, it also 'won' RollOnFriday's Golden Turd in 2014 when staff voted themselves the least satisfied in the UK.
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Together they will change the world, if the world slips over in Tesco and doesn't go to Slater & Gordon or Irwin Mitchell or suck it up like a grown-up |
Keoghs employs about 1,050 people, approximately 750 of whom are fee-earners. Until the dreaded 'synergies' kick in, the acquisition of Plexus' 1,200 staff would make it a PI monster.
A spokesman for Plexus told RollOnFriday, “Like any other firm, we remain open to discussions with interested parties, but it is our policy not to comment on market speculation”. So it's all true then.
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Isn't it easier to just nick the bits you want and leave the debt where it is?
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It sounds like you're an employee in a little silo.... Evesham? Manchester? Quite happy plodding along but not sure what's going on elsewhere in the business?
Is Plexus really a £100 million business? Perhaps Parabis Group is, but not Plexus on it's own. The word 'grown' is rather misleading too.... acquired would be more appropriate as I doubt much of that figure has been organic growth with how much Parabis has purchased over the years. Didn't go too well with Greenwoods though did it, as you didn't manage to buy yourself onto the Aviva panel.
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Staff generally like the firm? Low turnover of staff? Great Staff? Think you must be thinking of someone else because it certainly wasn't like that when I was there!
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