Personal Injury practice sold for £19 million

Whilst many general legal practices are floundering and many have already gone to the wall, a number of personal injury practices are proving to be very attrractive investments for non-legal businesses now that the new Legal Services regime is in place, allowing legal services to be run under Alternatiuve Business Structures i.e effectively by non-lawyers.

Personal injury lawyers often get a bad press, both inside and outside the profession, but most of the injury claim practices are owned and run by very competent business people, who happen to also be lawyers. The “business first” approach tends to differentiate these lawyers from most of the rest of the profession, and we say, good luck to them.

So, in news this week, Quindell Portfolio, an Aim company, has announced it is effectively buying Silverbeck Rymer for over £19 million, subject to regulatory go-ahead.  The firm, like many personal injury firms, is run quite differentky to a traditional law firm, with a small number of owners and managers. After the acquisition, the firm’s staff will be able to own share options which again demonstrates a more business oriented rather than law firm oriented approach.

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