Shakespeares joins ProACT to advise legal finance sector

Birmingham practice Shakespeares has joined forces with specialist finance firm ProACT Legal to launch a business offering legal advice to the legal financial services sector.

Called ProACT Legal Solicitors LLP, it targets financial advisers connected to law firms who have to walk a fine line in the wake of Financial Services Authority (FSA) regulation.

Mark Beesley, commercial litigation partner at Shakespeares, said: 'This is a legal venture brought about because finance is an area we are looking to develop in the firm.

We hope to get referral work from ProACT, as well as benefit from their experience and expertise, while we will provide administration and resources.'

Mr Beesley said the two partners and assistant from ProACT would move into the 20-partner Shakespeares' offices this week, though both businesses remain separate entities.

The old firm, ProACT Legal, will cease to trade.

ProACT founder Gareth Fatchett, head of the new business, said: 'With the new regulatory regimes within the industry and the expanding role of the FSA, practices providing financial advice require specialists to work closely with them to ensure the smooth running of their business.'

Andrew Towler