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External investment rather than the number of alternative business structures is the key to changing the legal profession, a former president of the Law Society has said. Meanwhile, well-known ABS Knights has changed structure to retain more of its profit.

Private equity company Duke Street Capital has invested a further £13m in Parabis Group in a show of long-term commitment to the top 50 firm. Duke Street was the first private equity investor in a solicitors’ firm.

Almost one in four top-250 law firms are considering securing some form of external equity investment, according to a survey. The highest proportion said they would look to raise between £5m and £20m, many to fund acquisitions.

One in five mid-sized law firms expects to seek external investment to fund expansion within an alternative business structure, according to a major benchmarking survey. However, very few see a merger with non-lawyer professionals in their future.

Winn Solicitors – which has grown in a decade from nothing to a highly profitable £40m volume claimant personal injury firm – is set for further expansion after being bought by two international investment companies.