Olswang’s equity club” />Only one of the lawyers that recently joined Olswang from London property boutique Kanter Jules has entered the equity.
In total, nine fee-earners joined Olswang from the former 11-partner Kanters on 2 May. Four were originally set to sign up as partners, with two entering the equity.
It has emerged that on the last working day before the deal was due to be signed, though, one of the future equity partners, Joe Holder, decided not to join the City firm. Instead he has joined a general practice in Stanmore, North London.
Olswang chief executive officer Jonathan Goldstein said Holder’s last-minute decision had been a surprise. “Joe decided on the Friday, the day before we were due to sign. He told us he’d been in practice for 20 years and decided he wanted to make a work-life change. We were very happy for him to come, but respect his decision,” said Goldstein.
Kanters is believed to have turned over around £6m in the last financial year, some £4m of which has now joined Olswang, with just one partner joining the equity. Last year the revenue per equity partner was £1.36m.
Goldstein struck a similar deal with Julian Holy Solicitors just last year. Only one of its lawyers, Nick Simpson, joined as an equity partner, with the other eight becoming associates. An Olswang insider said he believed that Goldstein was “very happy” with the deal.