Beachcroft is to launch a pan-European strategy that will see it forming best friend agreements with a number of European firms.
The firm shut down its international practice group two weeks ago, as revealed on TheLawyer.com (12 May), as its structure of having a lawyer responsible for each jurisdiction no longer worked.
Senior partner Simon Hodson said the firm was laying the foundations for a fresh strategy by looking to hook up with best friends to help it service its core areas of insurance and healthcare.
Beachcroft is understood to be looking for firms that hold places on similar panels, like that of insurance giant Zurich, for example.
“It’s in part anticipating that some of our panels are likely to go European and we want to be able to offer pan-European solutions,” said Hodson.
The?closure?of?the international?practice group, launched primarily for?coordinating?the telecoms practice, leaves one partner and five associates facing redundancy. It was deemed unnecessary after the exit of technology head Nick Holland to Eversheds and does not fit so well with the insurance and healthcare sectors.
The move comes after a year of consolidation, which has taken its toll on the firm’s year-end results – up just 2.5 per cent to £114m. The year before the firm reported a 20 per cent jump in turnover to £112m.
Managing partner Paul Murray said the year had been one of investment, with the firm introducing a new strategy and investing in new offices in Bristol.