Three and a half years ago Duke Street became the first private equity house to buy a majority stake in a UK law firm when it bought into Parabis, after the Legal Services Act had opened up the market to outside investment.

At the time, the buyout house said it had not yet decided how it would exit its investment in three to five years, but the tales emerging from Parabis in recent weeks are not likely to have been among the possible exit options publicly discussed back then.