RollOnFriday understands that Plexus Law is being bought by Keoghs Solicitors.
Plexus is the personal injury arm of Parabis Law, which was the first firm to attract private investment under an ABS licence in 2012. It also 'won' RollOnFriday's Golden Turd in 2014 when Parabis staff voted themselves the least satisfied in the UK. 80 Plexus support staff were made redundant earlier this year when the firm outsourced their jobs to South Africa, along with low volume, low value claims work which resulted in lawyers also losing their jobs.
Keoghs also converted to an ABS in 2012 and also, as revealed by RoF, made mass redundancies. The north west firm blamed the job cuts on reforms to the personal injury market. Its net profits dropped 19% in 2013/14 from £11.6m to £9.4m, while turnover fell 4% to £54.9m.
Keoghs employs around 1,050 people, aproximately 750 of whom are fee-earners. The acquisition of Plexus' 1,200 staff would make a PI beast - at least, until the dreaded 'synergies' kick in.
(originally posted 12.23pm)
Update 2:48pm: A spokesman for Plexus has 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.”
Plexus is the personal injury arm of Parabis Law, which was the first firm to attract private investment under an ABS licence in 2012. It also 'won' RollOnFriday's Golden Turd in 2014 when Parabis staff voted themselves the least satisfied in the UK. 80 Plexus support staff were made redundant earlier this year when the firm outsourced their jobs to South Africa, along with low volume, low value claims work which resulted in lawyers also losing their jobs.
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Keoghs also converted to an ABS in 2012 and also, as revealed by RoF, made mass redundancies. The north west firm blamed the job cuts on reforms to the personal injury market. Its net profits dropped 19% in 2013/14 from £11.6m to £9.4m, while turnover fell 4% to £54.9m.
Keoghs employs around 1,050 people, aproximately 750 of whom are fee-earners. The acquisition of Plexus' 1,200 staff would make a PI beast - at least, until the dreaded 'synergies' kick in.
(originally posted 12.23pm)
Update 2:48pm: A spokesman for Plexus has 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.”
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I must say, I'm quite surprised by the golden turd of the year award.
Plexus law isn't the best place in the world to work (obviously) but as an employee who has benefitted from all the opportunities plexus has provided me with, I refuse to listen to such dribble. Without plexus there is no way in hell I would have pursued a career in law and no way I would have enjoyed it as much as I do now.
No company is perfect and not everyone can be pleased but I am proud to say I work for plexus.
Whether plexus is sold to keoghs or not (the latter being most likely) I will continue to work at plexus with a smile on my face each morning.
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