LEGAL SERVICES ACT: expenses insurer DAS names Bristol quarry


A leading wealth and talent management company has signalled its intention to buy a law firm when permitted under the Legal Services Act.



The move comes as leading legal expenses insurer DAS - which has already announced plans to have its own law firm - revealed it intends to buy a Bristol-based personal injury practice once it is possible.



AIM-listed Formation Group provides management and professional services to a host of famous sports, music and entertainment clients through various subsidiaries.



Clients include footballers Wayne Rooney, Rio Ferdinand and Roy Keane, England cricket captain Michael Vaughan, golfer Lee Westwood and musicians Oasis, Björk and Bryan Adams.



Formation Group's communications director and company secretary Mike Wallwork said that, in addition to core management services, it also offered clients financial services and accountancy advice. Last year it purchased accountancy practice OJ Kilkenny & Co, in line with the board's strategy of developing its professional services division by adding complementary services for the benefit of existing and new clients.



'The obvious missing link is a legal practice,' Wallwork said. Although alternative business structures (ABSs) are still some years away, he said the group is already exploring its options.



Formation Group has two solicitors as non-executive directors, Halliwells senior partner Alec Craig and well-known football lawyer Michael Kennedy, who rose to prominence while acting for Roy Keane. Kennedy, senior partner of three-partner London firm Herbert Reeves & Co, told the Gazette that such an acquisition would 'make sense' for Formation Group.



He indicated that his firm would consider such a move.



Meanwhile, DAS chief executive Paul Asplin told the Gazette it would consider purchasing CW Law Solicitors Ltd, an incorporated practice close to its own Bristol headquarters, and then build on it. CW Law, which employs 35 staff including six solicitors, is on DAS's personal injury panel.



Neil Rose