The first multi-disciplinary practice dedicated to defending professional negligence claims has successfully applied to become an alternative business structure.
Triton Global Limited will consist of niche defendant firm Robin Simon as well as claims management company Devonshire Claims and loss adjuster firm Walsh PI.
Under the ABS licence, effective from August, each separate entity will be dissolved and brought under the Triton umbrella.
David Simon (pictured), chief executive of Robin Simon, who will stay on as chairman of the business, said Triton offered the first multi-disciplinary service for the indemnity market.
‘Instead of having to arrange claims-handlers, lawyers and adjusters, insurers have one business that will do the whole job from start to finish.
‘With our offering they pay one fixed price for a whole portfolio of work.’
Triton Global will have offices across England as well as bases in the US, Australia and east Asia. Around 150 people will be employed, although Simon emphasised their day-to-day work life should not change greatly.
The ABS will not seek to attract external investment, despite its new status allowing that option.
‘A number of law firms have gone down the ABS route simply to get external funding,’ said Simon. ‘We’re doing it as we think this is the right business model in the 21st century for our sector.
‘We’ve resisted all offers of private equity money as we want to create an employee shareholder trust – in effect internal investment with the employees owning the business.’