UK Outsourcer Announces Plans to Buy Another Law Firm
A publicly traded outsourcing company is buying a second U.K. law firm, provided it gets regulatory approval.
Software and outsourcing business Quindell Portfolio is buying the Pinto Potts law firm, which specializes in personal injury claims, according to Legal Week and the Global Legal Post. The purchase is authorized by the United Kingdom’s new Legal Services Act allowing nonlawyers to have an ownership interest in law firms.
The purchase price is about 14 million pounds, translating to about $22.5 million in U.S. dollars. Most of the purchase price will be paid in Quindell Portfolio shares.
In January, Quindell Portfolio announced plans to buy personal injury law firm Silverbeck Rymer. Quindell Portfolio says in a press release that it will work with the law firms to provide a joint outsourcing offering to the UK insurance claims market.