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Insurance firm Parabis has launched in Scotland with the hire of HBJ Claim Solutions litigation head Tony O’Malley.
The firm has opened the single-partner office in Glasgow as an initial step in developing a Scottish presence for its existing client base that has business north of the border.
The Scottish office will be known as Parabis Scotland, offering claimant and defendant insurance law services. The defendant arm will carry the Plexus Law brand, in keeping with the English firm.
It is the latest move from the Parabis Group, which became the first private equity-backed ABS to be licensed by the SRA earlier this year (22 August 2012). Private equity house Duke Street has pumped in £50m to fund the firm’s expansion and Parabis is expected to go on the acquisition trail following its ABS approval.
Principal solicitor O’Malley arrives as a personal injury lawyer specialising in catastrophic and high-value cases.
He said: “Scotland’s undergoing the kind of consolidation that’s been under way in England for some time and is starting to respond to changes inspired by the Legal Services Act.
“There’s demand for a greater breadth of capability and reach – the kind that Parabis is able to offer its clients. There’s also a distinct advantage in having access to the brand, experience, support services and resources of a group that has already embraced change and a firm that has ABS status in England and Wales.”
Parabis senior partner Tim Roberts added: “This is just the beginning for us in Scotland. It’s a strategic move being made in response to demand from existing clients who use our services in England and Wales and want us to be able to advise their Scottish operations.
“We’ve researched the market carefully to ensure our business model delivers the right cost base and resources for clients, recognising that the insurance sector is under great costs pressure. We aim to build steadily and will be on the lookout for suitable opportunities which enable us to do that.”
Parabis recorded a 2011/12 turnover of £108m after making its UK200 debut in 2010/11.