Shakespeares, Needhams merge to create £24m Birmingham giant
Birmingham-based Shakespeare Putsman is to merge with Midlands rival Needham & James, creating a £24m, 56-partner firm.
Paul Wilson
Birmingham-based Shakespeare Putsman is to merge with Midlands rival Needham & James, creating a £24m, 56-partner firm.
The deal is set to go live on 1 July. It follows the merger of Shakespeares and Putsmans three years ago, which created a firm that posted revenues of £18.3m last year, and underlines the current acceleration of consolidation in the UK legal market.
Paul Wilson, Shakespeare Putsman chief executive said the extreme economic conditions experienced over the past two years had intensified competition and complexity within the legal marketplace.
“Our clients’ are rightly increasing their demands for exceptional technical expertise, a broader range of legal services and greater value for money,” Wilson stated. “This merger provides us with additional capability across a number of practice areas and will significantly strengthen our private client and property services, including the addition of a very experienced and nationally regarded social housing team.”
The new firm will be called Shakespeare Putsman, with the Needham & James brand disappearing except in its Stratford office.
Herbert Andrews, Needham & James’ managing partner, said: “In recent years we’ve recognised that in order to continue to service our clients’ expanding requirements we need to be part of a larger organisation. By joining forces with Shakespeare Putsman we can make the necessary investment and continue to provide exceptional service to our clients across the UK.”
Needham & James’ revenue last year was £7.3m, down from £8.9m in 2008-09. In January this year the firm’s senior partner John Hughes revealed that the firm was looking to bulk up in anticipation of the challenges raised by the Legal Services Act (4 January 2010).
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Readers' comments (16)
Anonymous | 8-Jun-2010 3:36 pm
Giant? £24M is barely in the top 100...I am sure the Magic Circle are awake at nights! the market is trashed and so called mergers are really troubled firms clinging together. Expect more in short order.
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Anonymous | 8-Jun-2010 6:05 pm
Love the photo!
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David Ufuoma Omamogho | 8-Jun-2010 7:02 pm
The merger can be likened to a SEED that has been planted on fertile and blossoming soil and as they water it with their talents, gifts and expertise the firm will harvest commensurate profits.
Good luck to their endeavours.
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Anonymous | 9-Jun-2010 8:59 am
56 partners divided into a turnover of £24M is way too many, expect some immediate cuts here
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Anonymous | 9-Jun-2010 9:23 am
Let's do the maths for this so called giant - £24m of fees - 56 partners = £430k revenue per partner. Be genereous 1/3rd staff cost, 1/3rd overhead, 1/3rd profit = £140k profit per partner. Sounds like one or both of the firms were in trouble - let's wait for the fall out.
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Anonymous | 9-Jun-2010 9:42 am
Agree with the first poster. '£24m' and 'giant' should not really be in the same headline.
It's not terribly important, but the same misnomer was used in The Lawyer when Shakespeares and Putsmans merged in 2006 (although it was 'Brum giant' rather than 'Birmingham giant').
Who is hardest at work here; Paul Wilson's PR team or his ego?
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Rory MccGwire | 9-Jun-2010 9:43 am
The usual barbed comments above...
These firms recognise how quickly the legal market is changing and want to be one of the survivors. Of course there will be some post-merger adjustments, this is all part of having a plan for the future.
Smaller firms are taking smart steps too. Have a look at the resources on websites such as Andrew Jackson, or Shulmans.
Rory MccGwire, www.lawdonut.co.uk
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britomart | 9-Jun-2010 10:06 am
@anonymous 9:42am, I think the headline is amusing but on reflection it's pretty accurate as a £24m firm is a big deal in the regions. Not everyone is Clifford Chance!
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Anonymous | 9-Jun-2010 12:40 pm
britomart | 9-Jun-2010 10:06 am
In fact, not even Clifford Chance are Clifford Chance any more...
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Anonymous | 9-Jun-2010 2:20 pm
Not everyone is Clifford Chance ...
But £24m isn't even a part of Wragges or the Eversheds Birmingham office.
'Needham & James continues to be the brand name in Stafford' - then bets are that's the first to go.
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