Parabis Group has received its alternative business structure (ABS) license from the Solicitors Regulation Authority (SRA), making it the first private equity-backed organization to take up the business model.
The license approval has rubber-stamped a deal agreed late last year which saw private equity house Duke Street take a majority stake of just over 50 percent in Parabis, the parent company of insurance litigation firms Plexus Law and Cogent Law.
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