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This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
The three firms vying to take over Halliwells are expected to pay a total of £9m for the business, as the firm’s bank RBS renewed its overdraft facility ahead of pay day.
Hill Dickinson is thought to be paying £1.5m for the Liverpool office, including Halliwells managing partner Jonathan Brown, and wants to impose a four-year lock-in. Barlow Lyde & Gilbert, which is eyeing the firm’s insurance business, will pay in the region of £5m and is also expected to impose a lock-in arrangement.
The overall deal was slowed down after a £2m offer made by HBJ Gateley Wareing for the Manchester non-insurance business was thought to have been rejected by RBS. The firm, which is seeking to lock-in the equity partners it acquires for three years, is expected to increase its bid to £2.75m.
The combined total is short of the £12m that the bank was believed to have wanted. Any agreement is subject to partnership votes and no payment will be made upfront. Instead bids are calculated as a proportion of estimated work in progress and books of business.
RBS renewed Halliwells’ £2m overdraft facility last week in an eleventh hour deal that allowed the firm’s 813 members of staff to be paid on 9 July. The Lawyer also understands that Halliwells partners approved an increase in their respective financial contributions to the business.