Taylor Wessing has incorporated its in-house due diligence division ahead of it seeking third party investment for the business.
The firm’s New Street Solutions (NSS) arm, which provides document management services to clients with savings of up to 60 per cent (2 May 2011), was incorporated as a separate limited liability company on 1 October 2012.
In the coming months Taylor Wessing will seek to secure third party investment to fund the expansion of NSS. At that point the firm will also look to divest itself of its majority stake in the company.
“We will in due course be looking to raise capital from a third party in the weeks and months to come,” said Taylor Wessing’s managing partner Tim Eyles, who added: “One of the reasons we want to separate majority ownership is that we want [NSS] to be attractive as a service for other law firms.”
Taylor Wessing’s financial institutions head Tim Stocks chairs NSS, while Philip Learmont is its chief executive. Taylor Wessing’s finance director Charlotte Beckette also does the same role for NSS.