ABS-in-waiting to double in size as non-lawyer backing prompts massive recruitment drive
Liverpool: jobs boost for Silverbeck Rymer
The impact of non-lawyer investment into law firms came to the fore today as Liverpool personal injury practice Silverbeck Rymer announced plans to create 300 jobs over the next year and so more than double in size.
Quindell Portfolio plc, the brand extension company aiming to offer insurers an end-to-end outsourced claims service, is still awaiting Solicitors Regulation Authority and Financial Services Authority approval to purchase Silverbeck Rymer, having in January become the to announce the acquisition of a law firm.
Once complete, Silverbeck, which also has an office in Chelmsford, will become Quindell Legal Services, although it will continue to trade under its existing name. Hampshire firm Pinto Potts will be added to this as well.
Quindell and Silverbeck have been working together since last year to create a proposition for both the direct market and as a partner to any major brand.
Silverbeck Rymer currently has around 250 staff; of the 300 new recruits, 250 will be fee-earners. The firm’s HR and people development director Jill Harrison said: “We are driving the business forward through growth and creating job opportunities at every level.
“Quindell is an exciting, rapidly growing group with a great track record of delivery. Its positioning as a thought leader and belief in improving margins whilst lowering costs for the industry sits well with our philosophies of working alongside insurers to help combat fraud and other areas of cost escalation, whilst being an active promoter of fairness and protector of consumer rights and championing industry change.”
Last week, after a series of acquisitions throughout the year, Quindell announced an increase in its available working capital to around £80m through a combination of the issue of new equity for a “major” new institutional investor, existing headroom on working capital facilities and the agreement of additional banking facilities.
Chairman and chief executive Rob Terry said: “The group is continuing to see unprecedented opportunities for organic growth in what is a unique time in the UK insurance industry’s evolution. Having this additional working capital will enable us to capitalise on this opportunity to obtain significant market share and further enhance our positioning in the market.”
Tags: ABS, Alternative business structures, Financial Services Authority, Solicitors Regulation Authority