EY swoops in acquisition of Riverview Law

Business adviser EY today announced an agreement to acquire Wiral-based Riverview Law, a leading innovative legal services firm that will support the expansion of EY legal managed services globally.

The acquisition, for an undisclosed sum, will help to enhance and scale the EY Law legal managed services offering and help EY clients to increase efficiency, manage risk, improve service transparency and reduce costs of routine legal activities.

Riverview Law, which also has an office in Manchester, has a strong technology practice that uses a disruptive software from Kim Technologies for delivery of its legal services.

Riverview has 80 staff in its Wirral office and 20 in Manchester.

The acquisition will extend the existing EY Law offering and add talent in legal innovation and operating model transformation, as well as further driving the current EY technology approach to legal managed services.

The acquisition is led by Chris Price, EY global head of alliances – tax, who will become chief executive of EY Riverview Law once the acquisition is complete and will work closely with the existing Riverview Law leadership team to bolster the EY cross-sector, multidisciplinary approach to legal services that can be scaled to serve EY clients across the globe.

Kate Barton, EY Global vice chair-tax, said: “When it comes to legal managed services, clients need access to best in cost and best in class law functions that offer the specialist tools and technologies to keep pace with the disruptive change they are facing.

“The acquisition of Riverview Law expands EY Law Services so that we can continue to provide these innovative approaches that can help meet EY clients’ biggest challenges.”

Cornelius Grossmann, EY Global Law leader, added: “Legal managed services is one of the fastest growing segments of the legal market.

“This acquisition underlines the position of EY as a leading disruptor of legal services. It will provide a springboard for current EY legal managed services offerings and bolster the capabilities that we can help deliver for EY clients.

“We recognise the expertise that Riverview Law has in this growing market area, which when married with the global EY footprint and legal understanding, will help drive significant opportunities for EY clients.”

EY Law now comprises more than 2,200 law practitioners in member firms across 81 jurisdictions.

The acquisition will bring together the international reach and multidisciplinary approach of EY with an award-winning, best-in-class technology provider.

The addition of the Riverview Law platform will help organisations to manage legal instructions coming into the function, re-direct work that does not require legal input, triage work that does require legal support to the right team and manage all stages from case opening to case closing, including document creation.

Chris Price said: “There is a need for a greater range of service options in the legal market that provides the right service, with the right quality, at the right price to the legal functions of EY clients.”

Riverview Law chief executive Karl Chapman said: “The legal profession is going through a period of significant global upheaval.

“Changes in regulation, technology and, most importantly, customer expectation, create an opportunity for a more flexible and customer-centric approach to the provision of legal services.

“Becoming part of EY is a real strategic fit for our team and is in line with our commitment to deliver world-class service and counsel to Riverview Law clients who are at the core of everything we do.

“As part of EY, we will have even greater resources to help them drive business outputs from their legal inputs.

“Put simply, we are excited by the next stage in our journey. We believe that the combination of the Riverview Law operating model, operating platform and people, alongside the EY brand, EY clients, existing legal services offering and global scale is a winning formula for the legal market.”

The acquisition, which is conditional on the satisfaction of closing conditions, is expected to complete on August 31. Riverview Law will be known as EY Riverview Law.

Law firm Fieldfisher’s advised members of the EY network on the  acquisition.  The Fieldfisher team was led by corporate partner Tom Ward.

A team from law firm Squire Patton Boggs, led by corporate partner Geoff Perry, advised Riverview on the deal.