Chain reaction acquisitions create 100-strong law firm
LAW firm Newtons Solicitors has grown rapidly over the past year, but, as managing partner Chris Newton said, “you can’t plan when opportunities will present themselves.”
Despite this, the opportunities have come thick and fast for ABS law firm Newtons.
Other the past three years, the company has merged with three other firms; Hodgsons & Mortimer which was acquired in 2012, Thorp Parker, acquired in 2014 and Calder Meynell Solicitors, acquired in October 2015.
Its acquisition of Thorp Parker was a “huge” investment for Newtons. With £50,000 monthly running costs, Mr Newton said it was a “deep-breath moment” when they acquired it.
But he said: “Newtons seem to have snuck up on the legal sector in the North East.
“We’ve grown so rapidly, but it has gone really well and we’re delighted at how the acquisitions have grown our business in the North East, giving us a real presence there.”
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They are becoming one of the “main players” in the region, according to Mr Newton, and he himself was been asked to speak at the Legal Futures conference.
“Other law firms have been taken by surprise. It was an interesting chain of events and our success is starting to feed itself.
“In a short space of time, we’ve gone from nothing in the North East, to a force to be reckoned with / firm with a real regional strength fully fledged practice.”
With the acquisitions, the nature of the business changed from a private client focus with a relatively small amount of commercial work, to having a strong commercial team.
“It’s given us more balance as a firm,” said Mr Newton. “We’re not focused in one area which has given us resilience.”
The growth has come as a surprise to Mr Newton more than anyone else.
He said: “I reached a stage during the recession when I thought, do you know what, I don’t want to look back and think what if?
“But I’d never have thought six years ago that my own business would employ 100 people with 11 offices, and be turning over £4m.
“Opportunities have presented themselves and we’ve moved quickly to take those opportunities. Thankfully I’m surrounded by a good team of people.”
Now Mr Newton has a reputation of being an acquirer, and he said: “If more opportunities present themselves, I’ll be very interested in exploring them.”
