Market monitor

MoJ ignores own consultation and presses ahead with price competition for housing advice

LF Nov 13

The Ministry of Justice is moving ahead with the introduction of price competition and larger contracts for court-based duty solicitor advice for housing cases, despite overwhelming opposition from respondents to its consultation. Just five out of 51 respondents agreed with it on price competition.

August 17th, 2017

The Law Superstore sold to property comparison site with focus on leads rather than instructions

Matthew Briggs The Law Superstore

Legal comparison website The Law Superstore is to focus on generating lower-cost leads rather than more expensive solid instructions, after it was bought by a similar site for property services. According to the outgoing managing director, it was the decision of the site’s private equity backers to sell the business to reallymoving.com.

August 16th, 2017

Group that delivers unregulated legal services launches ABS

Robert Taylor Business Law

A business that supplies unregulated legal services to SME clients worldwide via a virtual law firm using more than 100 consultant lawyers, has added an alternative business structure to its group to offer regulated services to UK consumers.

August 15th, 2017

Exclusive: Leicester law firm plans national network of franchised high street offices

Jason Hathaway

Edward Hands & Lewis, a Leicester-based law firm with 15 branches, is planning to launch a national network of franchised offices next year. Its senior partner said: “I’m a passionate believer in the high street solicitor, and I would love to see our brand in every high street. This is the best way to do it.”

August 11th, 2017

Fairpoint Group formally goes its administration – but Simpson Millar to trade on as “a going concern”

London Stock Exchange

Fairpoint Group plc – the AIM-listed company that owns national law firm Simpson Miller – has today appointed joint administrators and announced its intention to leave the stock exchange, but stressed that its legal business will continue to trade as a going concern due to its separate funding.

August 10th, 2017

Gordon Dadds formally becomes UK’s second listed law firm

Adrian Biles

The group that owns London law firm Gordon Dadds today became the second listed law firm after the shareholders of what was Work Group plc yesterday approved the reverse takeover. The new company was admitted to trading on AIM today, with Gordon Dadds chief executive Adrian Biles owning 26.7% of the shares in issue.

August 4th, 2017

“Business as usual” insists Simpson Millar as listed parent company faces administration

London Stock Exchange

National law firm Simpson Millar has insisted that it is “business as usual” after its listed parent copany, Fairpoint Group, announced its intention to appoint administrators. Last month, the group announced that its debt had been sold on and that a £5m funding facility had been provided to the legal services business.

August 4th, 2017

Gordon Dadds unveils vision to become consolidator of mid-market and small law firms once listed

Adrian Biles

London law firm Gordon Dadds has agreed the reverse takeover that will see it become a listed company and outlined an ambitious acquisition strategy to double its £25m revenue over the next three years by becoming a “major consolidator” of both top 200 law firms and also smaller practices through a back-office platform that it has developed.

July 13th, 2017

Consumer debt forecast “likely to favour law firms” but smaller practices could lose out

debt

Smaller law firms specialising in insolvency work will be hit with a double whammy as Brexit favours big firms that can keep debt recovery costs down, while an Online Court will make it easier for litigants in person to pursue claims, a report has predicted. But the overall picture for law firms handling insolvency work was bright, it said.

July 12th, 2017

London law firm set to go public with reverse takeover

London Stock Exchange

London law firm Gordon Dadds is set to become a public company through a reverse takeover of AIM-listed Work Group that values the firm at nearly £19m, it announced this afternoon. Alongside the acquisition, Work Group – an investing company – intends to raise up to £20m via an accelerated bookbuild placing of up to 457m shares to institutional investors.

July 11th, 2017