Everyone wants to get their mitts on the legal market these days. Though disgruntled lawyers might be screaming “why?” at their computer screens, there’s no denying that ABS is the most fashionable acronym around.
Okay, maybe that’s a mild exaggeration, but we say it partly because motoring giant RAC has been, ahem, driving the message through this week.
Heading up the right street, the group has laid the foundations for an ABS move after striking a five-year deal with outsourcing specialist Quindell Portfolio, which itself unveiled plans to launch an ABS last January following its £20m acquisition of Liverpool’s Silverbeck Rymer.
The tie-up will see Quindell manage all before-the-event legal expenses work generated by RAC’s motor book, but instead of paying a referral fee for the claims, a practice that is no longer permitted under the Jackson reforms, RAC has agreed to wait until the contract end for payment.
Let’s hope there’s not a bump in the road.
Also on TheLawyer.com:
- Irish firm Mason Hayes & Curran has posted a 5 per cent rise in total revenue for the 2012 financial year, with turnover rising to €44.4m
- Watson Farley & Williams has insisted that it will continue to recruit the same number of trainees despite its decision to defer part of its September 2013 intake
- And, Eversheds and Osborne Clarke have taken the lead UK roles on networking giant Cisco’s $310m acquisition of Swindon-based technology group Ubiquisys