West End litigation boutique Reid Minty has taken the novel step of putting itself up for sale.
In an advertisement published in The Lawyer (24 May), the firm said it was looking to merge with an international or regional UK firm “seeking a modern, profitable and up-and-running London base”.
Reid ;Minty ;owns 27,000sq ft of office space in Mayfair, of which it is currently occupying around a quarter.
Senior partner Andrew Reid said: “Setting up in London costs an absolute fortune. This is a chance for someone to come and be up and running from day one.”
The advert also invited approaches from practice groups ;within ;other firms or from “individ- uals with serious and substantial followings”.
Reid added: “We may get a couple of groups who feel they’d be better remunerated with us.”
Reid Minty has an average profit per equity partner figure of £169,000. It became a limited-liability partnership in 2004 and moved into its Mayfair base three years ago. It has a turnover of £5m and employs 10 partners. Reid said the firm has already been approached ;by ;several national firms about the prospect of a merger and that he has not ruled out a union with a US firm looking for a foothold in London.
The advert said the move was intended to “take the firm to the next level of development”.
Reid, who started the business 29 years ago, said: “I’ve been sitting on this advert for more than a year. I thought this was the perfect moment.”