The Solicitors Regulatory Authority has granted alternative business structure (ABS) status to Optima Legal and Cost Advocates, clearing the way for a takeover of the business by Capita.
Capita Legal Services Limited agreed last September to buy Optima Legal Services and it will become the first regulated legal business within the Capita Group. Some 300 employees will transfer to Capita.
Optima Legal manages the legal aspects of debt recovery and litigation services and provides services related to volume property transactions.
Cost Advocates is a subsidiary that provides legal costs services to insurers, law firms and corporates.
Capita Legal Services director James Cowan said: “The opportunity for Capita to operate practice lines across the legal sector is significant given the breadth of services and relationships within the group.”
Phil Robinson, lead partner in Optima, said: “The granting of the alternative business structure represents the next step in Optima’s evolution and an incredible opportunity for growth.
“I am confident that our clients, partners and staff will all benefit and quickly see the positive effects of Capita’s investment.”