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One of London's best-known media boutiques David Wineman has launched an aggressive growth strategy with the acquisition of two-partner property firm Parker Thomas.
The deal took effect on Friday (1 December) and creates a 10-partner firm that counts Sir George Martin, Black Sabbath and Pink Floyd among its clients. It will be known as David Wineman incorporating Parker Thomas.
Irving David, one of the founding partners of David Wineman, said the deal was a "stepping stone" to doubling the size of his firm in an attempt to win a greater share of media-related corporate and commercial work.
"It may be a problem of perception, but it's fair to say we have been losing out on corporate and commercial matters because of our size," said David. "We need more depth to attract higher-ticket work."
David added the firm needed to recruit at assistant level to improve leverage. It now has 10 partners, but only three assistants and three trainees.
Recruiting assistants would also begin to help David Wineman address its succession planning problems. All of its 10 partners are aged 50 or over, and the recruitment campaign is specifically aimed at lowering the average age of the firm.
The catalyst for the Parker Thomas deal was the decision of David Wineman property partner Malcolm Brahams to retire, so the firm needed someone to take over his practice.