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Niche corporate recovery practice LCL Law has been bought out by one of its equity partners.
Jeremy Bennett, one of the firm’s founding members, has become LCL’s sole owner after buying out the shares of Duncan Haymes, Philip Holden and Tim Pope and renaming the practice JB Law Solicitors.
LCL Law was formed just two years ago when Bennett, Haymes, Holden and Pope joined forces. Holden had previously been a partner at DLA, while the three other founders were all ex-Hammonds partners. Paul Rhodes, former insolvency head at Hammonds, was also a director of the firm.
Although the four were equity partners in LCL Law, they also held shares in the business. It was connected to the Litigation Control (LCL) Group, a limited company providing insurance services.
Bennett explained that the buyout was sparked by the departure of Haymes and the Manchester office of LCL Law to Halliwells in August. Funding was provided by the Bank of Scotland.
While Bennett is now JB Law’s sole shareholder, Pope will continue running the London office.
Bennett said he was planning to expand into Manchester and Birming-ham. “In the short term, I’m looking for partners in these offices to join in,” he said. “There’s a market for us out there.”