Categories:Personal Injury

Listed company launches bid for Silverbeck Rymer

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  • An interesting acquisition in the ABS arena, shortly on the back of the purchase Mobile Doctors. Given Quindell’s involvement in insurance, the ability to effectively have in-house agency services such as medical reporting, and now a law firm. No doubt existing commercial relationships are in place with credit hire providers and other satellite businesses but one can see further acquisitions to then give a 360 degree service without the concern over referral fees and the disruption/illegality the ban will create.

    Rob Terry has had considerable success with past ventures and invested £12m in Quindell at start-up. Between the end of October 11 and Jan 12 he has acquired over 3.5m further shares in the business and clearly has confidence in the direction the company is taking.

    Be interested to see how this developments.

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  • What about the senior associates in the firm who are looking towards partnership? Are they to be made "shareholders" instead, or do they no longer have the chance of prospects equivalent to partnership? I assume there will be no way of locking them into staying post acquisition. As a law firm is (or is only as good as) its lawyers, what makes the buyer think the talent that has helped build and maintain this law firm will not walk away to rivals...
    It will be a very interesting test case and perhaps help answer the question of what happens when the partners decide to "sell the family silver", as was not possible before the legal services reforms.

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  • Am I the only one, or are others cynical of a Claimant friendly solicitor being part of the same group whcih owns a medical agency??

    In the insurance market the number of whiplash claims is at an all time high, partly through the simplicity of solicitors appointing doctors who seldom, if ever, indicate a Claimant is swinging the lead!!

    I also agree its another way of getting round the "Referral Fees" issue should this become law and will possibly only perpetuate the ongoing problems of having to settle dodgy claims, rather than making things more transparent as we would all (Claimant solicitors apart) wish to see.

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  • No you are not the only one. I am a Claimant Personal Injury Solicitor and work in a firm which does not accept or pay referral fees, is entirely independent of the medical agency we instruct, and frankly think the ABS and referral fee makes a mockery of my profession.
    Don't be fooled into thinking the insurance industry is the only victim. I have seen far too many personal injury claimants almost shafted by these firms (because the more switched on Claimant jumps ship) and the mind boggles at how many accept the advice of an unqualified claims handler rather than a lawyer and settled their claims far too early so that their "trusted adviser" could cash in their back hander.

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  • Thank you
    Your blog is very informative.
    MLM Software Company

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