New Law pioneer Axiom has ditched long-trailed plans for an initial public offering (IPO) after securing a ‘significant investment’ from private equity house Permira.
The undisclosed investment makes Permira the company’s majority owner and calls time on Axiom’s much-hyped public offering, which many considered a bellwether for the fast-growing alternative legal services market. Continue reading “New Law leader Axiom abandons IPO for Permira private equity sale”
Norton Rose Fulbright (NRF) made an ‘offensive move’ against the much-hyped threat of the Big Four on legal operations consulting with the hire of the well-regarded former Barclays head of external engagement, Stéphanie Hamon (pictured).
Hamon, who quit the bank earlier this year, joins as a fee-earner in August to head the new practice and help ‘in-house departments function like a business’. Continue reading “NRF launches legal ops consulting arm with the mind behind Barclays’ radical panel reforms”
Hamish McNicol reports on Eversheds Sutherland taking the partnership shackles off its Konexo offering
The alternative legal service provider (ALSP) market is estimated to be worth more than $10bn annually. Research led by Thomson Reuters, called Alternative Legal Service Providers 2019: Fast Growth, Expanding Use and Increasing Opportunity, found that the revenue generated from ALSPs had grown to that amount in 2017, up 13% from an estimated $8.4bn a couple of years earlier. Continue reading “Eversheds spins off New Law arm to supercharge growth and attract external investment”
Simmons & Simmons has made a rare acquisition in the form of legal engineering start-up Wavelength for an undisclosed sum.
Wavelength – which claims to be the first Solicitors’ Regulatory Authority-regulated legal engineering business in the world – uses data science, technology and design to assist on projects in the legal industry. The acquisition will see Simmons look to expose the London and Cambridge-based team to its client base. Continue reading “Simmons gets on the legal technology and data Wavelength with start-up acquisition”
Mishcon de Reya is considering options for raising capital in a bid to fund its ‘ambitious plans’ for growth, including a possible initial public offering (IPO).
Sky News reported on Saturday (20 July) the firm is looking to either list on the stock exchange or sell a stake to a private equity investor to raise capital. Continue reading “Spin-offs likely as Mishcon ‘considering all options’ for a capital raise”
Thomson Reuters has snapped up legal software provider HighQ, making good on plans to bolster its cloud-based software products after selling its legal managed services arm, Pangea3, to EY.
Thomson Reuters’ president and chief executive Jim Smith said the firm plans to integrate London-based HighQ with its own information services, enabling it to sell the product to ‘thousands’ of large and medium-sized law firms and corporate legal departments. Continue reading “Thomson Reuters makes ‘transformational’ HighQ acquisition as ContractPodAi raises $55m”
Knights has produced a strong debut financial year following its AIM listing, with acquisitions and organic growth propelling the firm to more than £50m in turnover.
Turnover at the company was up 51% to £52.7m, slightly ahead of expectations the company flagged in May, including 15% organic growth. Revenue per fee earner was up 22% to £131,000, with a net 46 increase in fee earners over the year, while net debt fell to £14.1m from £26.3m. Continue reading “Knights eyes another four acquisitions after 51% revenue increase in first post-IPO results”
Eversheds Sutherland is spinning off its £40m New Law business in a bid to supercharge its growth to £100m over the next five years, while opening it up to external investment.
The firm today (26 June) launched Konexo, an entity merging its advisory, interim resourcing and managed service offerings – including its ES Consulting business – to act as a global alternative legal service and compliance provider. Eversheds intends to make it a separate corporate structure, initially owned by the partnership but with the potential to attract external investment. Continue reading “Eating our lunch: Eversheds unshackles New Law offering and sets £100m revenue target”
LB editor-in-chief Alex Novarese recently posted a piece entitled ‘Innovation needs law firm champions’, which hooked on to the story of Axiom’s much-awaited flotation and made some excellent points on the limitations (versus the hype) of New Law. However, in discussing Axiom’s decision to split up its business pre-float, the claim was made that it is easier to see progress in the industry coming from conventional law firms, than New Law equivalents.
This argument just doesn’t hold water. Yes, conventional law firms might have the heft behind them to implement progress, but the hard truth is that they are hampered by their traditional structure. This is what has made the pace of change within the sector slow – the structure lacks transparency and responsiveness, promotes inefficiency and simply costs too much. Continue reading “Guest comment: LB’s New Law critique flawed as alt players build a ‘new order of client value’”
Investment continues to flow into New Law and legal tech with US-based law company Elevate securing $25m in private equity backing while legal tech start-up Orbital Witness raises £1.2m.
Elevate today (17 June) announced that private equity house Kayne Partners had injected $25m into the New Law pioneer in what is the first significant private equity investment into the company since its inception. Continue reading “Serious money: Elevate bolsters acquisition chest with $25m backing while Orbital Witness raises £1.2m”