Michelmores has advised tech-enabled legal services company The Barrister Group (TBG) as it secures a minority investment from LDC, the private equity investor which is part of Lloyds Banking Group.
Founded in 2001 by Harry Hodgkin and Stephen Ward, TBG is the umbrella group for well-known legal brands including Clerksroom Chambers and Clerksroom Direct. The group uses its innovative proprietary Chambers365 management software to give barristers choice over their working patterns, offering the flexibility to operate on a remote basis without the need for a physical chambers.
LDC’s investment in TBG will enable the group to attract more barristers and instructions with its alternative chambers model, whilst supporting existing members and investing further in its proprietary technology to support the growth of the business.
Harry Hodgkin, CEO and co-founder of TBG, said:
“The investment by LDC marks an exciting new chapter in the group’s history. We could not fault the support provided to us throughout the transaction from Harry, Chris and the Michelmores team. Their collaborative and commercial approach was key at multiple stages of the transaction, and we are grateful for their guidance throughout.”
Stephen Ward added:
“Since we began back in 2001 as Clerksroom we’ve wanted to make a difference to the way the Bar operates. The traditional chambers model has its place, but might not be for all barristers. Our technology and our model offer many advantages that other chambers may not be able to match. We are building the Bar of the 21st century and LDC’s experience of building tech-enabled services companies, will help us take the next step in making that happen.”
Partner Harry Trick, who led the Michelmores team on this transaction, commented:
“We are delighted to have supported Stephen, Harry and the rest of the TBG team on this transaction. They have built a truly innovative business that is changing the way in which legal services are delivered and we are looking forward to seeing how LDC’s investment and support can help them deliver their ambitious plans.”
The Michelmores team supporting the transaction also included Chris Smedley (Corporate), Sean Russell (Corporate), Tom Torkar (Commercial), Anthony Reeves (Tax), Stephen Newson (Real Estate) and Siobhan Murphy (Employment).
TBG was further advised by the corporate finance team at PKF Francis Clark, comprising Paul Crocker, Tom Hicks, Isaac Moore and Damian Lannon. Advisors to LDC included Womble Bond Dickinson (legal) and Grant Thornton (corporate finance).
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