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The managing partner of Slater & Gordon, the Australian listed firm that this week announced its intention to “dominate” the legal market in the UK, has said that his company will be in “unrelenting” pursuit of the private client and conveyancing market.
Andrew Grech was talking the day after its acquisition of Russell Jones & Walker, an English based firm with an office in Edinburgh.
“We are targeting a specific part of the market and we will be unrelenting in pursuit of that market,” he said.
“It includes personal injury, employment law, crime and regulatory and the whole suite of private client services, including conveyancing.”
He also told the Solicitors Journal that up to 50 per cent of the market would be serviced by three to four large firms.
“You’ve either got to get on the train or be left at the platform,” Neil Kinsella, chief executive of Russell Jones & Walker said.
“The opportunity is not there for others to do the same. This is a game changer. Slater & Gordon publicly listed five years ago, which gives us a five-year head start on any UK firm considering this option.”
The acquisition, reported to be to the value of £54 million is set to deliver in excess of £2 million to each of bringing a £2m plus cash benefit to each of Russell Jones & Walker’s equity partners, ad clear the firm’s £10 million debt.
“One wonders whether that position and outlook is entirely different to the position and outlook enjoyed by certain supporters of the instigation of ABS in Scotland and hopes that none of the employed solicitors who might have voted in favour of ABS will be disappointed with the outcome,” Scottish Law Agents Secretary Michael Sheridan said.