The march of private equity into the legal sector has continued with one of the biggest players buying a well-established north-west firm.

Lawfront, the group backed by private equity fund Blixt, has acquired Slater Heelis for an undisclosed amount – taking its collection of regional firms up to four.

The consolidator will provide funds to invest in the business and make further smaller acquisitions – while at the same time letting the firm keep its identity.

Lawfront now has a central team of firms in Farleys, FJG, Nelsons and Slater Heelis who are expected to collaborate across the group and expand. The collective annual revenue of the combined firms is now more than £70m.

Neil Lloyd, Lawfront chief executive, said: ‘The deal is further validation of our unique approach to the general legal services market: backing firms’ management teams, preserving their client facing brands, and most importantly, enhancing the prospects of their people. 

‘We are seeing rapidly growing interest in our proposition as it addresses the major concerns of succession, legacy and the scale of investment required to remain competitive.’

Slater Heelis, which is headquartered in Manchester and has a history going back 250 years, started talks over the deal last June and plans to use the investment to accelerate an acquisition strategy and grow the business.

In 2021, the firm incorporated and proceeded to acquire Towns Needham and NJ Goodman & Co. In 2023, Slater Heelis was one of the first law firms to set up a share incentive plan providing shares in the company to all colleagues. Turnover rose to £17.1m in the year ended 31 March 2023 and the firm has targeted reaching £20m annual turnover within the next three years. Profit before tax more than doubled to £1.76m during 2022/23.

Managing partner Chris Bishop added: ‘Our clients are at the forefront of everything we do and this will enable us to continue building the trusted relationships we have with them.’

Across the Pennines, meanwhile, Leeds-based commercial, media, and sports law expert Front Row Legal has sold up to Castle-Donington-based WLR Law for an undisclosed fee. The combined firm has 60 staff.

 

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