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Leeds-based sports and media specialist McCormicks is to split following a management buyout by six equity partners, who are forming their own practice.
The six equity partners, led by family and private client partner Mark Burns, will form Clarion Solicitors on 1 February and will practise out of the current McCormicks Leeds office, as first revealed on www. thelawyer.com (24 January).
"We saw there was a point where our interests in the direction of the firm might diverge," said Clarion corporate IP partner Clive Lawrence. "This is an evolution that allows both sides to move forward and get on with what we do."
The buyout is understood to have been amicable and was agreed upon after only short negotiations.
Burns will become managing partner of Clarion, while Lawrence, corporate recovery partner Roger Hutton, corporate finance partner Richard Moran, corporate crime partner Robert Rode and commercial litigation partner Simon Young all become equity partners in the new firm.
Burns, Lawrence, Hutton and Moran will form the firm's senior management team.
Under the deal the four salaried partners and some 90-odd lawyers at McCormicks' Leeds office will switch to operating under the Clarion banner.
Name partner Peter McCormick and fellow equity partners Neil Goodrum and Geoff Rogers all had their shares bought out for an undisclosed sum. McCormick and Goodrum will join Rogers at the firm's Harrogate office, where they will continue trading as McCormicks.
McCormick said: "It's very rare for solicitors to be able to sell a business and reap some capital reward for the years spent building it up."
McCormick is known for his sporting client roster, which includes the Premier League, the Football Association and Leeds United FC.