Defendant personal injury firm Keoghs has pulled out of a deal that would have seen the firm acquire the legal service arm of Parabis, Plexus Law, days before the deal was expected to go live.
Discussions have been underway since August and it was expected that the acquisition would be announced this week. However, since then it has emerged that the deal has fallen through.
A spokesperson for Keoghs said: “Following discussions, we can confirm that we will not be acquiring parts of the Parabis business.
“Keoghs are in an extremely fortunate position in that we have the scale, the skills and the structure to quickly respond to these opportunistic openings in the sector, but we will only proceed if they deliver the best possible outcomes for the clients, our business and our people.”
Despite backing out of the deal the firm said it would continue to be open to opportunities to expand its business.
It is unknown what the decision means for Plexus’ employees. Last week it was reported that Plexus’ financial backer Duke Street had written down its €30m (£21.4m) investment in the business to zero. According to the SRA’s website the firm currently employs 380 lawyers within its business.
As the talks progressed a number of partners quit Plexus and sister company Greenwoods. The latest departures saw partners Bilal Mirza and Simon Lindsey leave Greenwoods to join litigation specialist Horwich Farelly. It was also understood that up to 30 lawyers would be joining the duo at Horwich Farrelly from Greenwoods’ Southampton office.
Horwich Farrelly also gained two partners from Greenwoods earlier in the year when personal injury specialists Karen Mann and Jason Spencer left in September.
