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The Legal Services Board (LSB) has welcomed the establishment of the Legal Education Foundation, which has been spun out of the sale of the College of Law (CoL), saying it will promote further access to the profession.
As originally revealed by Lawyer 2B in its spring edition (23 February 2012), the £200m sale proceeds will go in to the Legal Education Foundation, which the charity will use to further its charitable objectives by providing bursaries, scholarships and grants to future students.
The CoL’s buyer Montagu Private Equity is also set to invest £2m in a College Scholarship Fund for the benefit of the college’s students, along with placing 2 per cent of the fully diluted share capital in the ultimate holding company into the fund.
Reacting to the announcement by the CoL, David Edmonds, Chairman of the LSB, said: “A vibrant and competitive market for the provision of legal education benefits consumers, those seeking to enter the legal professions and providers of legal services themselves. Today’s announcement by the College of Law is to be welcomed for two reasons.
“First, the establishment of Legal Education Foundation has the potential to act as a catalyst to promoting further access to the profession and to encouraging the ongoing development of new ideas.
“Second, such investment in the legal education sector will enhance competition, which we see as a key tool in improving the quality of the education provided and to promoting innovation. It is encouraging to see that the Governors of College of Law have decided to amend its organisational structure at a time when legal services providers are embracing new models of ownership and control,” he said.
The governors of CoL were advised on the sale by longstanding counsel Allen & Overy (26 January 2012).