24 LAW SOUTH EAST – THE LEGAL 500
Mergers are the focus as firms face multitude of challenges
Law firms continue to face a multitude of challenges from alternative business structures (ABSs) and legislative reforms, as well as seeing a squeeze on fees from both commercial and private clients. The changes in the market are being felt particularly among the smaller regional firms and boutiques, some of which are not only reassessing the practice areas in which to specialise, but also considering the provision of non-traditional/non-legal services such as consultancy and project management
Firms are candid about the possibilities of consolidation in an unstable market, with few ruling out strategic mergers to introduce new practice areas or boost existing capabilities. National energy powerhouse Bond Pearce LLP, with a Southampton presence as well as offices in London and the South West, combined with North East heavyweight Dickinson Dees LLP to form Bond Dickinson LLP, a combination notable for the similarity in size of the merging parties and the diversity of coverage of the enlarged practice. Major Midlands player Shakespeares built on its southern presence by combining with Milton Keynes-based Harvey Ingram, and Chichester-based Thomas Eggar LLP boosted its corporate and international offering by merging with City-based Pritchard Englefield. Freeth Cartwright LLP continued its aggressive expansion southwards; it followed its combination in 2011 with specialist Milton Keynes firm Kimbells by joining forces in 2013 with Oxford’s Henmans; the merged firm is Henmans Freeth LLP.
Many single-office firms and other smaller players are contemplating the acquisition of high street practices, following the example of the merger of Southampton-based Moore Blatch LLP with Saunders & Company, a specialist property firm based in Richmond; and Brethertons LLP, which boosted its private client offering through its acquisition of Neasham Lloyd.
In the Thames Valley, Osborne Clarke, Shoosmiths LLP and Blake Lapthorn handle high-end corporate work for major players in the area, with Manches LLP remaining a substantial presence for IP, TMT and, in particular, life sciences for companies operating in Oxford and the UK’s Silicon Valley. Pitmans LLP services a range of blue-chip clients from its Reading base, and has been handling notable work in areas such as IP, corporate tax and dispute resolution. Morgan Cole LLP is notable for its healthcare and other public sector expertise, and is one of the few South East firms active in energy-related project finance.
In Reading, smaller players
such as Blandy & Blandy LLP and Field Seymour Parkes LLP rank highly for private client and commercial property work respectively. Henmans Freeth LLP has a strong reputation
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for private client and dispute resolution work. Clarkslegal LLP has great strength in environment, public sector and dispute resolution, and is also notable for its employment practice.
In Hampshire, the team at Bond Dickinson LLP enjoys an excellent reputation for corporate and commercial property work, and Paris Smith LLP is noted for its private client capabilities. The main players remain Shoosmiths LLP and Blake Lapthorn, each of whose Southampton offices boasts niche expertise in transport, aviation and infrastructure. Clarke Willmott LLP has made some notable new hires in commercial property and private client as it attempts to reposition itself in the market. Thomas Eggar LLP’s Southampton office was boosted by the arrival of several teams from the firm’s Newbury office, including the corporate, dispute resolution and family groups.
The Kent, Surrey, Sussex region is home to City brand names Charles Russell LLP and Clyde & Co; they operate from offices in Guildford and are well known for their private client and insurance practices respectively. DMH Stallard LLP and asb law LLP both rank highly for their public sector expertise, particularly in education, employment and local government. Stevens & Bolton LLP has a single office, in Guildford, and has a well-established reputation for its corporate and commercial work. Cripps Harries Hall is set to merge with West Malling firm Vertex Law LLP in September 2013.
A noticeable change, among firms of all sizes, has been an increasing focus on, and growth in, commercial IT work including, for those with little or no capacity in the area, the hiring of specialists in the area. Commercial work has been important in a deal and cash-depleted market, and firms with significant capability, such as Bond Dickinson LLP and Blake Lapthorn, as well as smaller firms such as Boyes Turner and Trethowans LLP, benefited from some major, high-value commercial instructions from banks and public sector clients.
The full impact of the Jackson reforms of April 2013 on commercial litigation teams remains to be seen, but the detrimental effect they will have on the profitability of personal injury claimant practices seems certain. Those with high- volume road traffic accident (RTA) offerings will need to adapt to the changes in fee structure or face an uncertain future after the scrapping of hourly rates and referral fees.
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – OCTOBER 2013
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