Extra 15m income the target as Wragges plans to build London property team

REAL ESTATE: Birmingham firm snaps up Herbert Smith partner Gerald Bland as national chief

Birmingham firm Wragge & Co has kicked off a major attack on the London property market by launching a practice in the capital.

Until now, the firm has only had an intellectual property team stationed in its London outpost, but it has signalled its intention to become a player in the real estate market by recruiting Herbert Smith equity partner Gerald Bland to head the push.

Mr Bland will become national chairman of Wragge & Co's property group in August.

The appointment is the first step in a two-year plan to build up the national property team to at least 30 partners and 130 other lawyers with a minimum turnover of 35 million.

It currently has 22 partners and 109 fee-earners, and a turnover of almost 20 million.

The group has set its sights on winning work from the City's top-tier property companies, investors, developers, US and magic circle firms.

Some of it will be handled in Birmingham, allowing Wragges to offer lower charge-out rates.

Managing partner Quentin Poole said a London office for the property team would place the firm in the centre of the industry and open the door to high-value, more complex deals in London and the south-east, while providing the right platform to develop niche product areas.

He explained: 'Launching property in London has been one of our key strategic objectives for some time.

We needed a rainmaker to make it work and Gerald is that person.'

Mr Bland, who headed Herbert Smith's real estate group from 1991-98, said: 'I have achieved all that a real estate lawyer can achieve at Herbert Smith.

I have admired Wragge & Co for many years and they have given me a unique opportunity to play a leading part in building their London property practice.'

The firm said it is already working on a recruitment campaign to attract City lawyers to the London team.

Top of the shopping list are partners or associates in property finance and tax, investment and property development.

Property lawyers in the Birmingham office are being offered the opportunity to transfer.

Mr Poole added: 'There are currently no plans to introduce other practice areas into London.

But, if an individual practice area can justify a City presence in terms of client demand and profitability, then we will always consider it.'