Law firm head predicts further growth as others struggle
LUPTON Fawcett Lee & Priestley already has further takeover targets in its sights ahead of its merger with fellow Yorkshire law firm Denison Till.
Managing director Richard Marshall wants to take the firm to £25m turnover from the £18m level it will reach when it joins forces with its York-based rival to create Lupton Fawcett Denison Till on Monday.
While that deal, which was confirmed yesterday, will create a firm with offices in Sheffield, Leeds and York with 240 staff, Mr Marshall has further expansion within Yorkshire in mind.
“We have reached £18m in the worst of markets. We are looking at another firm at the moment in Yorkshire. It will take us into the low 20s [in turnover] and with very little organic growth, £25m becomes achievable.
He said that the firm “is going like a train whilst other are falling flat on their faces” with growth of more than 33% achieved in the first half of the current financial year.
Mr Marshall also appealed to disaffected lawyers at other firms to join his firm.
“We want good lawyers with good clients to come and join us. If you are p****d off with where you are now, then we would love to hear from you.”
He has predicted that more than 25% of law firms face an uncertain future because of lack of cash.
“Many of the firms that failed was because they have mis-positioned themselves. Halliwells and Cobbetts was not just because of their leases, the strategy didn’t work and the impact of expensive leases was the fail nail in the coffin.”
Mr Marshall said that the Denison Till deal gave his firm strength in another part of the region.
“There are successful mid market businesses that are there and it is predominantly populated by weak [law] firms – point me to a strong firm to the east of the A1 outside Hull?”
Jonathan Cripwell, Denison Till managing partner, will join Lupton Fawcett Denison Till’s Management Board, its Strategy Board, and will head the York operation.
Part of Lupton Fawcett Lee & Priestley’s strategy is to develop a complete offering into the market, joining forces with Denison Till brings new additions in the form of key practice areas such as Landed Estates, Ecclesiastical Law, and Construction.
The firm has made three significant acquisitions, as part of its strategy. In January 2009 it acquired the entire traditional commercial and private client business of Leeds firm Fox Hayes. In August 2009 it acquired Hackett Windle, a niche firm of solicitors and chartered tax advisers based in Sheffield.
In December 2010, the firm recruited 40 of the former staff of Sheffield firm Ashton Morton Slack as well as a series of senior lateral hires and in October 2012 it acquired the business of Lee & Priestley.
