Freeth Cartwright is taking a stake in Oxford firm Henmans with one eye on a full merger in the future.
As part of the deal, Henmans will be renamed Henmans Freeth, with most of its 21 partners becoming partners in Freeth Cartwright. The deal will go live on 1 Febuary 2013.
Freeth Cartwright chairman Colin Flanagan said in an internal memo, seen by The Lawyer, that the tie-up is “likely to lead to [a] full merger in due course”. Following the tie-up, the Oxford office would become Freeth Cartwright’s second largest, after Nottingham, with revenue of just under £9m. According to the memo to staff it will take Freeth Cartwright’s overall turnover to close to £50m.
The memo said that the tie-up will gift Freeth Cartwright “greater depth and range of resource, whilst allowing us to achieve economies of scale and underpin our investment capability. Our entrepreneurial culture and innovative group structure give the local partners autonomy and freedom to focus on their established markets, whilst using the critical mass of the group to compete for larger clients on a wider stage”.
Henmans is a full-service firm with a particular focus on private client, charity, agricultural property and insurance work.
Freeth Cartwright has been focused on expanding nationally in response to the Legal Services Act (12 October 2011).