Firm converts to ABS to attract buyers

Strata Solicitors, a corporate insurance liability specialist, became an ABS on Tuesday (11 September) in a bid to attract buyers, it said.

Director Paul Davies said the firm only acted for companies which insured their own liability risks.

“We do not act for insurance companies or individuals,” Davies said. “We act for a small number of big corporate clients.”

After working as a solicitor at Needham & James and Wragge & Co, Davies founded the Birmingham office of Harvey Ingram, now part of Shakespeares.

His fellow director, Richard Fearn, is a non-lawyer with a background in claims handling and was manager at a leading US firm of loss adjusters.

Davies said Strata, which did not open for business until April 2011 at a business park near the village of Blisworth (pictured) in Northamptonshire, already had 48 staff.

He said the firm was moving at the end of the year to a “much larger building” at the same business park.

“In our market, we don’t want to restrict senior management or ownership to lawyers,” he said.

“We are a small business in a very big market. We work with non-legal intermediaries, such as brokers, and if one of them wanted a corporate claims business, we would be a good choice.”

Davies is Strata’s COLP, and Lucy Loi, the firm’s accounts manager, is the firm’s COFA.

Davies said that it had taken a lot of time for the SRA to approve Strata’s ABS application, which was made in January, but the process had “a value” in itself.

“It was quite inquisitive and quite challenging. They looked at all aspects of the business and the way we wanted to do things in the future.

“However, for someone to come in and give the firm a good looking over gives us credibility in our market.”