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PROFESSIONAL SERVICES
SPECIALIST LAWYERS

The UK's leading lawyers for professional services firms.

We are recognised as the market leading advisors for UK and international professional services firms. We have advised on some of the most significant transactions in the professional services sector and played a leading role in the development of the UK’s LLP legislation from its inception in 2000.

As the only London-based team dedicated to the sector, the depth of our knowledge and understanding of our clients’ businesses enables us to add significant value. Our specialists are always on-hand to help navigate the complex range of issues in running and organising professional services firms in today’s competitive environment.

An exceptionally talented team, market leaders in this area of law and a pleasure to work with.
- Chambers UK

Professional services highlights

#1

1st

#1

30+

Tier 1 ranked

LLP

only law firm

years

in Chambers UK and The Legal 500 for over 20 years.

we advised the first accountancy and law firms to adopt LLP status in the UK.

to have a dedicated practice group for professional services firms.

of experience advising professional services firms.

250+

unique clients

chose to work with us over the last 10 years.

#1

1st

Tier 1 ranked

LLP

in Chambers UK and The Legal 500 for over 20 years.

we advised the first accountancy and law firms to adopt LLP status in the UK.

#1

30+

only law firm

years

to have a dedicated practice group for professional services firms.

of experience advising professional services firms.

250+

unique clients

chose to work with us over the last 10 years.

Setting the standard for over 30 years as the best choice for professional services firms.

We are the original trusted advisors, and work with senior management, boards, finance and legal teams around the world to help successfully solve complex and sensitive business issues. The quality of our service is based on a full understanding of our clients' objectives, deep market knowledge and absolute discretion.

M&A, Private Equity and Third-Party Investment (Including Flotation)

Our market leading professional services transactions practice specialises in all-equity mergers between professional firms, acquisitions of professional firms for value, and private equity and other third-party investment in the professional services sector (including through public markets). Our team has experience advising on all the following matters:

Private equity and trade acquisitions and sales
All equity mergers
Buyouts, investments, follow-on acquisitions and exits
IPOs
Management incentive schemes
Joint ventures
Employee ownership trusts
Transactional regulatory advice, including SRA, IPReg, ICAEW, FCA and FRC approvals and compliance

Setting Up New Professional Services Firms

We have extensive experience in establishing professional services firms entering the UK market and supporting their operations as they grow and develop their business. We have advised a wide range of law firms (including US and other international firms) establishing English law capabilities in London, as well as international accountancy firms setting up audit businesses in the UK. Key elements of our advice in this area include:

Use of partnerships, limited partnerships, LLPs and limited companies in different commercial and investment contexts
Equity incentive schemes
Financing and taxation of professional services firms
Structures for holding property, IP and other assets
Regulatory structuring issues, authorisations and compliance, including alternative business structures for law firms

LLP Agreements and Governance Issues

We are renowned for our expertise in all aspects of partnership and limited liability partnership law, including governance and constitutional matters. We have extensive experience drafting partnership and LLP agreements for firms operating through a range of different structures and with varying complexities.

Admission of new partners and succession issues
Governance and partner remuneration models
Restrictive covenants
Income and capital profit sharing and annuity rights
Goodwill valuation mechanisms and anti-embarrassment
Insolvency and restructuring

International Professional Services Firm Structures

We have advised on some of the most innovative structuring models for professional services firms, whether structured on an integrated, network or hybrid basis. Our team has significant experience in advising on regulatory and structuring issues for professional services firms across various international jurisdictions. Our expertise includes:

The establishment and operation of international network structures, including contract-based networks and membership-based networks operated through a company limited by guarantee or Swiss Verein
Regulatory issues relating to ownership, control and profit sharing across international jurisdictions
Third party ownership of law firms and accountancy firms, in particular the application of the Legal Services Act 2007 and ICAEW Audit Regulations to the ownership of UK law firms and accountancy firms operating with third party ownership (including private equity)
Optimising firm structures in preparation for sale or IPO

Partner Disputes and Regulatory Investigations

Our leading contentious practice covers all aspects of partner disputes and exits, including team moves and discrimination issues. We also have extensive experience in investigations and regulatory inquiries concerning partner disciplinary matters, including investigations.

Performance management
Succession planning
Equality Act issues including age, disability and sex discrimination
Mediation, arbitration and alternative dispute resolution
Investigations by the SRA, FCA and FRC

International Work

We have over 20 offices worldwide and relationships with Global Connect member firms, a network of over 200 leading law firms. This enables us to provide tailored solutions for professional services clients facing complex cross-border challenges. Our global experience includes:

Working with international regulators including the Law Society of Ireland, the Paris Bar and the German regional Bars, to establish firms
Advising on cross-border private equity investment and M&A transactions.
Structuring internationally operating professional services firms, including international network structures
Supporting offshore law firms with matters including structuring, partnership admissions and exits, and third-party investment

Bishop Fleming’s private equity investment

We advised Bishop Fleming, a leading audit, accountancy, tax, and advisory firm, on a minority private equity investment for Synova.

CBPE acquires IP firm HGF Limited

We advised CBPE on its investment into HGF Limited, one of Europe's leading IP services firms.

CBPE's investment will enable HGF to focus on enhancing its high-quality advisory services, with an emphasis on four key strategic areas: people, processes, technology, and services.

Horwich Farrelly's investment from CBPE

We advised HF, a leading legal advisor in the insurance and commercial sectors on a significant investment from UK mid-market private equity house CBPE.

The investment from CBPE helped to accelerate their next stage of growth. CBPE acquired a minority stake in HF with the intention of establishing HF as the leading technology-driven legal services provider to insurance companies and corporates.

Securing external investment for Moore Kingston Smith

We advised top 10 UK accountancy Moore Kingston Smith LLP on external investment from European private equity firm, Waterland.

This was the first deal to see a major accountancy firm in the UK take on private equity funding and retain its limited liability partnership status. We have since advised Moore Kingston Smith on a number of bolt-on acquisitions in the UK and Ireland, helping to expand Moore Kingston Smith's international reach.