Over in the U.K., legal firms are being bought up and taken over by foreign firms so as to allow that foreign firm a quick entry into the UK accident and injury claim legal services.
For instance, recently announced this week was that fast-expanding Australian firm Slater & Gordon has continued its acquisition spree with Manchester and London-based personal injury practice Fentons Solicitors.
The deal will increase Slater & Gordon’s headcount in the UK by 280 to 785 and contribute £20.7m in annual turnover to the Australian stock exchange-listed firm.
Slater & Gordon’s managing director Andrew Grech said: ‘The regulatory changes in the UK are providing some terrific opportunities. The UK is experiencing a greater rate of consolidation in the PI claims market than first expected.’
The deal follows strong financial results for the firm in 2013, with after-tax profits rising 67.8% to A$41.9m (£25m), on turnover up 36.7% to A$297.6m (£171m).
UK business contributed more than one-quarter of total group revenue, the firm said. In May Slater & Gordon raised A$64.7m (£37m) in equity to fund further acquisition-led growth.
The firm completed its acquisition of the PI practice of Cambridge-based firm Taylor Vinters this week, with that of Liverpool-based medical negligence specialist Goodmans Law due to be completed at the end of August. It entered the UK market last year by acquiring national PI firm Russell Jones & Walker.
Irish compensation lawyers watch out !!
– a newsbrief from Kilkenny Law firm Holland Condon