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UK’s first private equity-backed law firm gets English regulator’s approval

English law firm regulator SRA allows London-based insurance law firm Parabis to convert into an Alternate Business Structure (ABS) after injection of equity from private equity firm Duke Street. Parabis is set to convert from a professional services firm to a business process outsourcer, and will acquire up to five service-providers to the claims management industry, including law firms, by the end of 2012. The acquired firms will value between £10m and £30m [The Lawyer]

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