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Taylor Wessing is planning to spin off its in-house due diligence division in a deal that could raise £5m for the firm.
The firm said it was in the early stages of demerging New Street Solutions, a document review business formed in May 2011 (20 April 2011).
The Lawyer reported last year (2May 2011) that the firm was considering spinning off the business, which is expected to bring in over £300,000 in revenue in the 2011-12 financial year.
Taylor Wessing is looking into appointing an adviser for the demerger, but has not yet selected one. It said it may carry out the demerger at the end of 2012.
The firm could raise £5m from the deal, but it is still discussing how much the final figure could be. It is also unclear whether the operation will qualify as an alternative business structure.
Meanwhile, Taylor Wessing has ended its brief alliance with Polish independent BSJP Brockhuis Jurczak Prusak over a lack of alignment between the firms’ international ambitions.
The firms formed the tie-up in 2009 and ended it on Wednesday (1 February), but the UK firm still intends to focus on the Polish market and the CEE region.
Separately, Taylor Wessing has announced plans for Hong Kong and Singapore (8 August 2011) and expects to open in the Netherlands by the autumn (17 October 2011). It sealed an alliance with Singapore firm RHT Law in August (31 August 2011).