Like London buses, you wait ages for one major ABS approval and then two come along at once.
That said, neither Irwin Mitchellnor Parabis have been stuck on the hard shoulder during the process. With turnover rises and structural tweaks clearing the road for a smooth journey into the future of legal services, both firms have already plotted their route to substantial growth.
However, there are still frustrations at the time it’s taken for the SRA to grant the licences. This is just the 20th approval from the legal watchdog so far. But with two high-profile sign-offs in a week, perhaps the regulator’s rubber-stampers can finally see over their in-trays.
The passing of the Parabis-Duke Street deal marks a rapid rise to prominence for the 10-year-old, £100m firm, which gatecrashed The Lawyer’s top 30 largest firms in 2011. With a £50m cash turbo boost under its belt, could it make the top 10 in the current financial year?