Market monitor

Two lawyer-to-lawyer referral services have gone live. ReferMarket and Lawyer to Lawyer both aim to help firms realise the value of cases they cannot for whatever reason handle themselves, but do so in very different ways.

Personal injury firms need scale to survive in future, a Manchester law firm has warned as it gears up for a £3m investment into growing its practice. Express Solicitors is expanding ahead of ABSs, the referral fee ban and the extended RTA portal.

‘Buy and build’ private equity firm Sovereign Capital has become the latest to outline its intention to invest in the law, Legal Futures can report. It is looking for a legal business that can act as a consolidator in its part of the market.

A groundbreaking business law firm operating entirely on fixed fees and featuring a mix of leading barristers and solicitors opens today, aiming for a market that it claims has been “protected from real competition for too long”. LawVest also plans to become an ABS.

Debt recovery law firms Drydens Lawyers and Fairfax Solicitors, both created by spin outs from national firms, are to merge creating the UK’s largest debt recovery and debt litigation legal practice. It will have a workforce of around 300 and turnover of approximately £15m.

The claims management arm of telecoms giant BT has applied to become an alternative business structure, it has emerged. But it is not looking to enter the consumer market.

The private equity firm behind the UK’s first – and so far only – alternative business structure is beginning the hunt for another investment in the law, Legal Futures can reveal.

Large law firms are showing increasing interest in forming multi-disciplinary practices with non-lawyer professionals, according to new research. The survey of 126 of the top 250 firms by accountants Smith & Williamson found that a third are interested in joining with a non-legal practice.

Rocket Lawyer, the Google-backed US online legal document service, is on track to launch in the UK later this year, with lawyers set to be offered the chance to join its panel from next month, Legal Futures can reveal.

Private equity firms are showing “considerable interest” in volume legal practices, the man behind Duke Street’s acquisition of the Parabis Group has said. The head of strategic projects at Irwin Mitchell claimed that most PE firms are considering investing in the law.

Duke Street has become the first private equity company to buy a legal practice after acquiring “a significant stake” in the Parabis Group, whose law firm Cogent Law sits behind both the AA and Saga’s legal services websites. It plans to turn Parabis into a business process outsourcer.

Slater & Gordon’s takeover of Russell Jones & Walker is evidence that law firms are “joining the real business world” and that there is realisable value in legal practices, leading consultants have said.

A new service has been launched that allows solicitors to contact numerous sets of barristers chambers simultaneously to check what counsel are available for a case they are looking to cover. Meanwhile, another online service aimed at helping consumers find tradesmen is now targeting the legal market.

Russell Jones & Walker aims to use its new access to capital to become one of the two or three players that will “dominate” the consumer legal market in the years to come, its chief executive has said.

The world’s first listed legal practice, Australia’s Slater & Gordon, is to enter the UK market after agreeing to buy national law firm Russell Jones & Walker for £53.8 million. All of RJW’s principals will continue to work in the new business and are becoming shareholders in S&G.