North-east firm splits

North-east firm splits

North-east firm Jacksons has split into two separate practices which will focus on insurance and private client work respectively.

The two firms, currently un-named, will continue to occupy the same premises in Stockton, Leeds and Gateshead.

They will also carry on sharing the same IT infrastructure, with several adaptations for confidentiality purposes.

Jacksons will continue to exist - as a non-fee-generating company - to deal with liabilities such as the firm's 15-year lease on its offices and annuities for former partners.

The decision to split the 19-partner firm came after a period of 'strategic review', according to managing partner Richard Clarke.

'Over half our work is insurance, and we realised neither that side of the firm nor the private client and commercial area was gaining anything at all from being linked together,' he said.

'If a firm wants to survive and flourish in the insurance market, we have to be able to respond and adapt quickly to the clients' needs and be able to direct all our resources to the industry.'

The split would also allow the private client department to rebrand itself and develop a separate identity, he added.

'Neither of the new firms will be in competition with each other, and their independent status means that they will be able to direct their financial focus on particular areas.

For example, the insurance firm will be able to invest in specialised IT systems, which the private client and commercial teams would have no need for.'

Victoria MacCallum