Assure Law hungry for more after Linder Myers deal

THE head of Assure Law, the consultancy behind the solvent rescue deal at Manchester law firm Linder Myers, says he can see no let-up in tough market conditions for the sector.

Tony Stockdale, who is now working full-time as chief executive of Linder Myers, said Assure Law and sister company Assure Finance has both the appetite and capacity to do more deals, including funding.

While Linder Myers’ ownership structure is unchanged, Assure Finance provided a “substantial working capital facility” to the business to allow it to move forward.

Mr Stockdale, the  former head of accountancy firm Bentley Jennison, is adamant that while he expects there will be more consolidation in the sector, Linder Myers will not be taking part in this in the short term.

He declares the firm, which found itself close to administration earlier this year, is now “strong and stable”.

While taking care not to be critical of the previous regime at Linder Myers  – who continue to be involved – Mr Stockdale says his focus is on “creating one firm”.

Before running into trouble Linder Myers acquired several other struggling or failed firms, including pre-pack administration deals for Manchester practices Rowlands Field Cunningham and Shammah Nichols and last autumn for Lancashire firm Dickson Haslem.

Mr Stockdale said: “There is more work to do on integration, but the underlying performance of the business and the strategic direction was something we were comfortable with.

“For 2014 and 2015 we won’t be doing any further acquisitions. First of all we’ve got to work harder to make sure what we have done already is working .

“We need to see more knowledge transfer in the business, and to make sure that clients of Linder Myers will become clients of the business, rather than the individual.”

Importantly too, he feels there is room to improve the way the firm deals with its clients..

“I think this is something the wider profession needs to address. What would be great is in two or three years’ time, if people said that improving client service was our biggest achievement.”
 
The £18.7m turnover firm has offices in Manchester, Preston, Chester, Lytham and Shrewsbury and employs more than 300 people, including  51 partners.

Mr Stockdale reiterated his gratitude to all Linder Myers’ stakeholders – from staff, suppliers, clients and bank, RBS, – for their support of the firm during “a very difficult time.”

While Linder Myers has been Assure Law’s biggest deal to date, Mr Stockdale, says the organisation, which has around 20 staff and offices in London, Birmingam and Manchester, has an appetite for more.

“We were created to help law firms deal with change and challenge. We don’t want to own firms, that is not the model, but we are working with them to improve profitability and performance by providing expert advice.

“I can’t see conditions improving – the mid-tier firms are being squeezed at both sides. They can only be as successful as their clients, and if they don’t have the expertise their clients need, they will struggle.

“The personal injury market is another area which is facing change and challenge. The number of suppliers will and is continuing to reduce significantly, and where the volume players are coming in and being successful.”