For more than a decade now technology and innovation jargon has been pushing its way inelegantly into the legal sphere. But with what result? Certainly, it has led to industrial levels of hype as cloying Silicon Valley-speak took hold in even the most inhospitable arenas. But more to the point for the development of the industry is the endemic confusion it has sown.
Without re-treading this month’s cover feature on the substance of law firms’ New Law divisions, it is clear that the industry struggles enormously to articulate these services, both at conventional law firms and pure-play providers. Continue reading “Comment: New Law needs a new dictionary to get that promised breakthrough”
Industry pioneers are attracting public and private interest in alternative models
While many lofty predictions of New Law’s rise remain unrealised, the market’s traditional champions have all made major contributions to its growth in recent weeks. Flexible lawyering business Axiom engaged in a surprise private equity (PE) sale; US alternative provider UnitedLex turned over $350m in an impressive year; while Elevate achieved revenues of £76m in another record result. Continue reading “Growth and investment define New Law as frontrunners make big gains”
Lee Ranson was restless. It was late 2018 and Eversheds Sutherland’s co-chief needed something different: a viable plan to double revenue over the next five years.
A few months earlier, he and US-based co-chief executive Mark Wasserman had joked about telling the firm’s partner conference in New York they were floating on the stock exchange. Now Ranson turned his mind to a public offering, or at least the options to attract external investment. But it was not about his law firm. This was about Eversheds’ alternative legal service offerings, covering consulting and flexible lawyering, then generating £29m annually. A tidy sum, and growing rapidly, but just 3% of the firm’s overall revenue. Continue reading “New tricks – Can law firms beat New Law disruptors at their own game?”
For more than a decade now technology and innovation jargon has been pushing its way inelegantly into the legal sphere. But with what result? Certainly, it has led to industrial levels of hype as cloying Silicon Valley-speak took hold in even the most inhospitable arenas. But more to the point for the development of the industry is the endemic confusion it has sown. Without re-treading this month’s cover feature on the substance of law firms’ New Law divisions, it is clear that the industry struggles enormously to articulate these services, both at conventional law firms and pure-play providers.
This explains the widespread confusion in the minds of general counsel about what is on offer and how it differs from Old Law. ‘Platforms’, ‘solutions’, ‘suites’ and an avalanche of weird brand names are present, but as to explaining the products on offer, it is just not cutting through. Continue reading “New Law needs a new dictionary to get that promised break through”
US New Law provider UnitedLex has bolstered its total revenue to $350m in its most recent financial results, with expansion across the UK and Europe is high on its agenda for the rest of the year.
Turnover is up 27% on the company’s last set of financials, while UK revenue increased 8% over the last year from £54m to £58.5m. Headcount in the UK also grew over the year, rising from 125 fee-earners to 145 this year, of which 80 are qualified solicitors. Continue reading “New Law, new money: UnitedLex turnover hits $350m with UK expansion on the cards”
The private equity push into New Law looks to be gathering momentum with Axiom Managed Solutions (AMS) in talks to arrange a sale to MML Capital Partners.
Legal Business has learned that the sponsor had been chosen as preferred bidder after AMS was put on the market earlier this year when the wider Axiom group unveiled plans to pursue an initial public offering (IPO). Though the value of a potential acquisition is unknown, MML buyout tickets normally range from €10m to €50m. Continue reading “Private equity bidder closes in on Axiom break-off as sponsors continue New Law push”
Big Four giant Deloitte has teamed up with the University of Law (ULaw) to launch a work-based training contract for graduates to harness the incoming regime to replace traditional solicitor training routes.
Hailed as a pioneering move, the three-year course will be targeted at graduates, phasing out the need for the Legal Practice Course (LPC), making use of the incoming Solicitors Qualifying Examination (SQE) regime, touted as a more flexible means of producing solicitors. Continue reading “Deloitte launches pioneering post-grad training contract as education shake-up looms”
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”
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”
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”