New Law, new money: UnitedLex turnover hits $350m with UK expansion on the cards

Posted on |
New Law, new money: UnitedLex turnover hits $350m with UK expansion on the cards

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”

Private equity bidder closes in on Axiom break-off as sponsors continue New Law push

Posted on |
Private equity bidder closes in on Axiom break-off as sponsors continue New Law push

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”

Deloitte launches pioneering post-grad training contract as education shake-up looms

Posted on |
Deloitte launches pioneering post-grad training contract as education shake-up looms

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 leader Axiom abandons IPO for Permira private equity sale

Posted on |
New Law leader Axiom abandons IPO for Permira private equity sale

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”

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

Posted on |
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”

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

Posted on |
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”

Comment: Innovation needs law firm champions as Axiom doubts emerge

Posted on |
Comment: Innovation needs law firm champions as Axiom doubts emerge

We have at LB Towers something of a reputation for being sceptical of the claims to fresh thinking surrounding much of New Law Land. One exception, though, has been Axiom, the pioneering outfit that pushed lawyering into the mainstream.

Sure, Axiom’s message could be obscured by strangulated attempts to ape Silicon Valley speak, an odd trait given the straight-talking style of founder Mark Harris. But its growth rates and reputation for quality never made you doubt that the outfit was a cut well above most New Law lightweights. Continue reading “Comment: Innovation needs law firm champions as Axiom doubts emerge”

Innovation needs champions as Axiom doubts emerge

Posted on |
Innovation needs champions as Axiom doubts emerge

We have at LB Towers something of a reputation for being sceptical of the claims to fresh thinking surrounding much of New Law Land. One exception, though, has been Axiom, the pioneering outfit that pushed lawyering into the mainstream.

Sure, Axiom’s message could be obscured by strangulated attempts to ape Silicon Valley speak, an odd trait given the straight-talking style of founder Mark Harris. But its growth rates and reputation for quality never made you doubt that the outfit was a cut well above most New Law lightweights. Continue reading “Innovation needs champions as Axiom doubts emerge”