London firm Radcliffes is merging with a seven-partner niche firm with a strong property investment and development practice.
Jay Benning & Peltz, which is based in Marble Arch, is also known for commercial, litigation, insolvency and family work, and has a number of clients based in Singapore and the Far East.
The newly merged firm, which is keeping the name Radcliffes, is opening a Singapore office early next year. Stephen von Peltz from Jay Benning will travel to the new office to advise the firm’s clients in the Far East on UK projects.
Despite the plans for the new office in Singapore, Radcliffes’ managing partner Richard Price says that the firm’s strategy is to remain a single-office firm and to grow organically, taking on small niche practices with the intention to boost particular areas.
“This merger is in line with our long-term strategy and will add strength and depth to our existing focus groups,” says Price. “Our property investment and development group and our growing business group in particular will benefit from the additional partners and fee-earners.”
Last year Radcliffes’ turnover was £12.5m. Price is anticipating a 20 per cent boost to that figure as a result of the merger.
Jay Benning & Peltz managing partner Gillian Benning says the Radcliffes merger will provide the firm’s existing clients with additional expertise and facilities. The firm’s options were to merge or to grow organically.
“If we’d taken on more and more people with only our existing talents, then we’d have become lopsided. But by merging with Radcliffes we acquire a broader practice,” says Peltz. “And we’ll bring entrepreneurial activity into Radcliffes.”
The merger, which will take effect from 18 December, will bring the number of partners up to 39.