Four KSB Law trainee solicitors will receive a whopping wage hike when they transfer to Davies Arnold Cooper (DAC) following the firms acquisition.
The second year trainees who were paid 24,000 by KSB will receive a wage rise of 7,000 to bring them into line with DAC second year trainee remuneration.
The trainees, who will be taken on under the same terms and conditions offered by KSB, will be based in DAC's London office.
DAC stepped into the acquisition talks five months ago following the collapse of a potential merger deal between KSB Law and South East firm DMH Stallard. The deal was completed at the end of 2007 with KSB staff moving into DACs Bouverie Street office during the Christmas period.
The combined firm will take DACs annual turnover to 40m placing it alongside Speechly Bircham at the number 65 spot in The Lawyers top 200 from a turnover of 32m. The firm will be home to more than 400 staff, 220 of which are fee earners.
DAC senior partner Danny Gowman told The Lawyer the firms stated objective was to grow KSB Laws St Albans office. It will remain open for property and construction business, he said. The acquisition will enable us to do real estate deals from St Albans which are probably more price sensitive in London.
He added that DACs corporate portfolio, which was previously only a minor part of the firm, would also be given a boost by the acquisition.