Former partners who sold their firm to a private equity-backed network have vowed to fight a legal challenge over the value of their business.
Lawfront, which owns a string of regional firms across England, is suing five Slater Heelis partners in relation to the 2024 acquisition of the north west firm.
The claim is valued at £2.4 million against the former Slater Heelis managing partner Chris Bishop and partners Simon Wallwork, Chris Partington, Mark Heptinstall and Will Henson.
It has been reported that Lawfront is claiming that profits from Slater Heelis’ Court of Protection work were significantly overstated, causing the firm to be valued too highly.
Neither Lawfront nor Slater Heelis has commented, but Mark Fairclough of Eleven Law, who represents the five defendants, said: ‘We do not propose to comment in detail in respect of on-going High Court proceedings but can confirm the defendants entirely reject the allegations made against them, and they shall be defending this matter robustly. For those individual defendants that remain part of Slater Heelis it is, nonetheless, business as usual.’
Wallwork and Henson are still listed as partners on the Slater Heelis website while Bishop is a consultant partner. Heptinstall and Partington have left the firm since it was taken over.
Lawfront, which is owned by Cayman Islands private equity investor Blixt Fund, has bought several medium-sized firms since 2021 when it acquired Farleys Solicitors in the north west. Earlier this year its annual accounts revealed that the consolidator spent £70m in the 2024/25 financial year, most notably buying south west firm Trethowans for an initial payment of £34.2m.
In May 2024, Lawfront acquired 100% of the issued share capital of Slater Heelis Limited for a deal worth £18.5m in total. Lawfront paid £12.2m in cash, with £2.9m in ownership interests and £2.6m in amounts payable over the next five years.
The firm had tangible fixed assets of £438,000 and intangible assets of £2.8m. Slater Heelis also had £9.6m in assets from monies owed.
At the time of the acquisition, Lawfront chief executive Neil Lloyd 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.’
Adil Taha, strategy specialist and adviser to the legal sector, said the news of the legal dispute was a ‘damaging bullet’ for private equity. ‘It’s an own goal that could cost a huge amount in the long-term. You’ve got to question the quality of the relationships and trust in this group now,’ he said.
