Financial services outsourcing firm Capita plc has reached a conditional agreement to acquire the English business of Optima Legal Services, including its subsidiary Cost Advocates, for an undisclosed sum.
Optima provides legal services for property transactions, debt recovery and litigation services, while Cost Advocates provides legal costs drafting and negotiation services.
The acquisition will become part of Capita Legal Services, a new, wholly-owned subsidiary of Capita plc to provide regulated and non-regulated legal services for lender, insurance, government, legal and corporate markets.
Capital Legal Services head James Cowan says: “Because of the way globalisation and the recession is driving the agenda towards efficient, effective and value for money services, clients require greater streamlined legal panels and more effective in-house legal teams.
“The proposed acquisition of Optima Legal will create a 600 person strong legal services team, with 150 legally qualified personnel and 50 solicitors, adding scale, depth and range to the legal services we are able to offer law firms, insurers, financial services companies and the wider corporate sector.”
Optima Legal senior litigation partner Philip Robinson says: “This is an exciting time for Optima Legal, Cost Advocates and all our clients. Capita’s ownership will allow us to accelerate our growth plans and build a stronger business and service proposition.”
The acquisition is subject to approval by the Solicitors Regulation Authority and the successful granting of an alternative business structure licence.