Market monitor

The owners of NewLaw Solicitors have received an issue of shares worth £5.16m as final consideration for its acquisition by Redde plc. Law firm-owning Fairpoint Group and Slater & Gordon have also issued stock market announcments.

The trend towards fewer, bigger law firms and fewer partners is continuing, despite increasing numbers of practicing solicitors, the annual Law Society statistical report has confirmed.

Slater & Gordon has hit its target of raising £456m from a share issue to fund its acquisition of Quindell plc’s professional services division. Around 70% of the £637m initial purchase price is being funded through new shares, with the rest through bank debt.

A groundbreaking alternative business structure that last year embraced employee ownership has seen the valuation of its shares rise 15% over the past 12 months. Staff at Triton Global each received a free initial tranche of shares and nearly two-thirds have since invested further to the collective tune of £58,000.

A lawyer comparison website aimed at SMEs is poised to begin an “aggressive growth” campaign to win market share, after securing substantial investment 18 months after it launched.

The battle for criminal legal aid contracts is underway, with Duncan Lewis – which describes itself as the country’s largest legal aid provider – unveiling a consortium that will bid for duty provider contracts nationwide.

The first Polish-owned, Polish-speaking alternative business structure opened for business at the start of this month – with the help of a British solicitor. Optimal Solicitors started life as a claims management company before converting.

Slater & Gordon has moved to dispel any doubts about the wisdom of its acquisition of Quindell’s professional services division (PSD), emphasising the work it put into going over the books. It also revealed that the PSD will operate as a standalone division.

The sale of Quindell’s professional services division moved a major step closed today after the company’s shareholders approved the disposal to Slater & Gordon.

Insurance giant Markel has laid out its plans to rapidly expand LHS Solicitors, an alternative business structure which combines the law firm and legal helpline it bought last year as part of its acquisition of Abbey Protection Group plc.

Cahill Gordon & Reindel, based in New York, has become the first US firm to set up an alternative business structure in the UK, Legal Futures can reveal. Its head of legal practice is Richard Kelly, a London-based partner.

Co-operative Legal Services (CLS) stemmed its losses in the second half of 2014 and remains a core part of the wider Co-operative Group, today’s annual results have revealed. While the group has returned to profit, CLS recorded a loss of £5m for the year.

A new local authority alternative business structure is targeting the health sector as one of its main growth areas. Its head said that with “no traditional partnership structure or expensive offices, our fees are very, very competitive compared with specialist private sector law firms”.

Institutional investors have snapped up new shares in Slater & Gordon to fund its purchase of Quindell’s professional services division, it announced overnight. Around 70% of the £637m initial purchase price – £456m – is being funded through new shares, with the rest through bank debt.

Insurance law firm BLM has joined forces with Cunningham Lindsey, one of the largest loss adjusting and claims management companies in the world, to launch an offering that combines loss adjusting, claims handling and litigation.