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Consolidator buys QualitySolicitors network
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Law firm consolidators have made significant acquisition moves.
Listed firm Knights plc revealed it had agreed to buy Sheffield practice Keebles LLP for £11.5m, taking on 138 fee-earners when the deal is completed on 11 June. The 10 Keebles equity partners will share £5m in cash upfront and receive 800,000 shares worth £3.5m. Further cash payments amounting to £3.13m will be paid in instalments over the next two years.
Knights has now bought 13 firms in the past three years, committing more than £40m in upfront payments.
National firm Metamorph Group, which promotes itself as a legal practice consolidator, acquired Southampton-based Beeton Edwards, having already integrated three other businesses in the last year.
By Jemma Slingo2021-02-03T11:59:00+00:00
Two more firms have adopted a John Lewis-style business model, transforming employees into part business owners. So far just a handful of practices have made the switch.
Oxfordshire-based Crossland Employment Solicitors is now entirely owned by its employees after all the firm’s shares were placed in an employee ownership trust. The move means all staff members will receive a tax-free bonus of up to £3,600 a year and will become beneficiaries of the Crossland Employee Ownership Trust.
The firm said the change in model will not affect the day-to-day running of the firm and clients will not notice a difference.