Parabis

Insurance firm Parabis made its debut in the UK 200 in 2010–11 with a turnover of £100m. At the latest year-end this total revenue figure had risen by 8 per cent to £108m.

The firm, launched in 2000 by former Berrymans Lace Mawer partner Tim Oliver, is among those leading the way in the post-Legal Services Act environment, having signed a £50m cash-injection deal with private equity house Duke Street.

It has long been the firm’s ambition to convert to an alternative business structure (ABS) model. It was established on a limited company model, although technically remained an LLP until its ABS licence application was approved in August 2012.

The equity spread is estimated to range between £500,000 and £3.5m. There are understood to be four senior partners at the top of the equity, including Oliver, commercial director Tim Roberts and partners Nick Addyman and Andrew McDougal.

Last year there was significant growth on net profit, which rose by 41.5 per cent on the 2010–11 figure, from £13m to £18.4m.

In November the firm launched in Scotland an office opening in Glasgow and the hire of former HBJ Claim Solutions litigation head Tony O’Malley.