Private equity company Duke Street Capital has invested a further £13m in Parabis Group in a show of long-term commitment to the top 50 firm.
Duke Street was the first private equity investor in a solicitors’ firm, back in 2012, and said the extra cash “will enable the group to capitalise further on opportunities presented by accelerating change in the legal services sector”.
Parabis works with big brands such as Direct Line and Saga, while recently Connect2Law was relaunched to work alongside the alternative business structure.
In a statement, the pair said the new capital will help to fund “an ambitious programme of investment in people, property and technology, creating a modern infrastructure which allows Parabis to continue to be innovative and competitive in its delivery of high-quality services.
“Over the past year, Parabis Group has been restructuring and refocusing its business, rationalising property holdings and grouping teams in centres of legal excellence closer to where their clients need them as it pursues its customer-centric vision.”
Duke Street partner Charlie Troup said: “The changes to the legal services sector through liberalisation and increased competition have been more profound than anyone anticipated in 2010; we believe the strongest firms will not only embrace these changes but also lead them.
“Parabis has done this through its entry into consumer law and the evolution of its ABS models; together we are building a sustainably competitive business which will benefit customers and employees alike. We are delighted to show our long-term support with this further investment.”
Tim Roberts, group commercial director and founding partner at Parabis, added: “This investment provides Parabis with the firepower to move confidently into the future as we use the best talent and technology to unlock extraordinary opportunities for our customers.
“Duke Street has underlined its long-term commitment to this strategy which is already transforming the way the market views legal services.”