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Firm moves into strategic management advice as it bets on a consolidating market
Addleshaw Goddard is positioning itself to help law firm rivals restructure their businesses with the launch of a management consultancy led by chairman Mark Jones.
The initiative is aimed at capitalising on an expected wave of consolidation in the professional practices market. The firm will market the consultancy to professional practices, including law firms, that are considering mergers, equity restructurings or new strategic directions.
Jones said: “This is about far more than just law firms. We’re looking to advise clients from the whole breadth of professional practices, including quantity surveyors, accountants and patent and trademark attorneys. The potential is huge.”
Along with Jones the consultancy will feature members of the firm’s professional practices and LLP group, which is headed by Richard Linsell, and the team behind its client development centre, led by Jim Hever.
The firm claims this combination of expertise will make the consultancy “unique in the UK market”.
The consultancy is effectively a new practice group within Addleshaws rather than a standalone business, with the focus on strategic rather than legal advice. Consequently clients will be charged fees at consultancy rates.
“That could be hourly rates or a retainer if clients want it,” said Jones.
That said, Jones admitted that the new offering was also “a gateway to Addleshaws”, because clients would be offered services from the law firm as and when needed.
Hever added that this was likely to be one of the keys to the success of the initiative.
“The most important thing is to stay with the client throughout the implementation of any new strategy,” Hever said.
In the legal market, Jones said the consultancy’s target clients would be law firms below the top 20 that required advice on partner performance, profit-sharing systems and mergers.