The private equity owner of national firm Parabis Group has pumped a further £13m into the business.
Duke Street Capital, which invested £200m to buy a major stake in the firm in 2012, said the latest injection will ‘help fund significant development and change’.
Parabis Group said it will use the money to invest in ‘people, property and technology’ to create a more modern infrastructure.
The firm has spent the past year restructuring its business and consolidating teams, closing two offices earlier this year.
At the same time the group has entered joint ventures under alternative business structures with insurers Direct Line and Saga.
Charlie Troup, partner at Duke Street Capital, said: ‘The changes to the legal services sector through liberalisation and increased competition have been more profound than anyone anticipated in 2010; we believe the strongest firms will not only embrace these changes but also lead them.
‘Parabis has done this through its entry into consumer law and the evolution of its ABS models; together we are building a sustainably competitive business which will benefit customers and employees alike.’
Tim Roberts, group commercial director and founding partner at Parabis, said the money underlines Duke Street’s long-term commitment to the firm.
’This investment provides Parabis with the firepower to move confidently into the future,’ he added.
Parabis Law LLP is the Solicitors Regulation Authority-regulated entity, under which sit Plexus Law, Greenwoods and Cogent Law.
Duke Street, which has a portfolio of investments in industries ranging from bowling alleys to medical diagnostics, became the first private equity investor to enter the legal services market following the liberalisation enabled by the Legal Services Act 2007.
Earlier this year another private equity firm, Palamon Capital Partners, acquired a controlling interest in the Simplify Group, a conveyancing and probate provider, for an unspecified sum.