Aviva work: the price of a merger

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  • Losing 10 pc of income? Sounds pretty significant to me - no firm would be happy to lose that.

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  • That departing team billed far in excess of 10% of Greenwoods revenues. Making some simplistic mathematical assumptions, 3 equity partners billing say £300,000 each PA equals £900,000, 8 salaried/fixed share partners billing, £225,000 PA, and 23 fee earners billing say, £160,000 each results in a loss of revenue of no less than £6,380,000. It is however likely to be nearer £10,000,000 I would suggest. A hammer blow for Plexus/Parabis, no matter which lens you look at it through!?

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  • This is a huge blow for Parabis, seem as though DD was lacking at best. The loss of eleven partners,and 23 fee earners will amount to somewhere north of 40% of loss of revenue to Parabis, and not 10%!! For what its worth , there is a huge virtue in offering a different value proposition in this sector, and that means remaining niche where you can. The myth being peddled by the huge Insurance factories, of having to have huge scale for huge scale sake is simply not true. Greenwoods should have done a Robin Simon, and rebuffed efforts to be taken over, and remain a pukka boutique. Once the Aviva team get their feet under the table at the other churn and burn factory in DWF, they will I suspect spin out on their own within 18 months!

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  • An article that embodies the maxim of "lies, damned lies and statistics". Aviva amounted to in the region of 50% of Greenwoods' book. The departing team, in isolation, might not have amounted to that total. However, given that Aviva have pulled all work from the firm formerly known as Greenwoods (including the property work, despite the erroneous reports previously published), the asset acquired by Parabis has diminished by something in similar order. One has to question the due diligence that was undertaken by the private equity funded sweatshop before they acquired Greenwoods. One presumes that Mr Oliver's judgement might not be so trusted for the next hostile takeover.

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  • Aren't RSA one of DWF's largest clients? Is there not a conflict of interest here also?

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  • What has become of Paul Parsons, the former senior partner, who is a businessman and Lawyer, extraordinaire. Did he cash out? Whatever, the new firms could have done with him at the helm!?

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