Eversheds spins off New Law arm to supercharge growth and attract external investment

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Eversheds spins off New Law arm to supercharge growth and attract external investment

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 gets on the legal technology and data Wavelength with start-up acquisition

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Simmons gets on the legal technology and data Wavelength with start-up acquisition

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”

Spin-offs likely as Mishcon ‘considering all options’ for a capital raise

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Spin-offs likely as Mishcon ‘considering all options’ for a capital raise

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 makes ‘transformational’ HighQ acquisition as ContractPodAi raises $55m

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Thomson Reuters makes ‘transformational’ HighQ acquisition as ContractPodAi raises $55m

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 eyes another four acquisitions after 51% revenue increase in first post-IPO results

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Knights eyes another four acquisitions after 51% revenue increase in first post-IPO results

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”

Eating our lunch: Eversheds unshackles New Law offering and sets £100m revenue target

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Eating our lunch: Eversheds unshackles New Law offering and sets £100m revenue target

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”

Guest comment: LB’s New Law critique flawed as alt players build a ‘new order of client value’

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Guest comment: LB’s New Law critique flawed as alt players build a ‘new order of client value’

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’”

Serious money: Elevate bolsters acquisition chest with $25m backing while Orbital Witness raises £1.2m

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Serious money: Elevate bolsters acquisition chest with $25m backing while Orbital Witness raises £1.2m

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”

Flexi lawyering on the up as Linklaters launches Peerpoint-style platform and LOD makes Australasian acquisition

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Flexi lawyering on the up as Linklaters launches Peerpoint-style platform and LOD makes Australasian acquisition

Linklaters has become the latest firm to venture into the ever busier flexible lawyering market after hiring the former director of Ashurst’s innovation arm to lead its new contract lawyer platform.

New Law pioneer Lawyers on Demand (LOD), meanwhile, has expanded its Australasian footprint with the acquisition of legal ops and tech platform lexvoco. Continue reading “Flexi lawyering on the up as Linklaters launches Peerpoint-style platform and LOD makes Australasian acquisition”

Collaboration all the rage as Slaughters reveals first incubator cohort and Deloitte and Burges Salmon forge tech partnerships

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Collaboration all the rage as Slaughters reveals first incubator cohort and Deloitte and Burges Salmon forge tech partnerships

Slaughter and May has today (29 April) announced its debut cohort of fledgling technology start-ups to enter its legal tech incubator, Collaborate.

Meanwhile, Big Four accountancy firm Deloitte has allied with software provider UiPath in Bucharest and Burges Salmon has announced a new technology-focused partnership with the University of Bristol. Continue reading “Collaboration all the rage as Slaughters reveals first incubator cohort and Deloitte and Burges Salmon forge tech partnerships”