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This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Quindell Portfolio, has signed deals to acquire claims management company Accident Advice Helpline (AAH) and law firm The Compensation Lawyers (TCL).
Aim-listed Quindell, which earlier this year paid £20m for Liverpool firm Silverbeck Rymer (24 January 2012), has struck a deal with AAH’s parent company Abstract Legal Holdings to become AAH’s sole legal services provider. According to a statement from the company, Quindell will turn to AAH’s existing legal panel members to handle overflow work.
Under the deal, Quindell has agreed to acquire AAH on or after 2 April 2013, subject to approval from the SRA and the Financial Services Authority (FSA). Quindell paid a £19.75m non-refundable deposit for the deal, which was satisfied by the company issuing 28,571,429 new shares and paying £14.97m in cash.
The balance will be satisfied by Quindell issuing 267,800,000 shares, which will be subject to lock-in arrangements ranging from 12 to 36 months upon completion.
At the same time as the Abstract deal, Quindell has entered a deal to acquire AAH panel firm The Compensation Lawyers, to provide a joint outsourcing offering to the UK insurance claims market in personal injury and other consumer services. Quindell is paying £30,000 in cash and issuing 2,200,000 shares – again subject to lock ins ranging from 12 to 36 months – for The Compensation Lawyers, though the deal still must be approved by the SRA and the FSA.