A further development in the commercialization of law firms in the UK has occurred with the purchase of the regional UK law firm Fisher Jones Greenwood (FJG) by recently-formed, London-based equity firm Blixt Group, who are focused on growing the firm into a major, national firm.
FJG has 23 partners and the firm is focused on serving its private clients and providing services to small and medium-sized companies.
Blixt was formed last year and targets small business across Europe with a revenue range of €20-200m and has access to more than €250m of committed institutional investor funding, according to reports.
Blixt CEO Carl Harring said: “We were immediately impressed by the quality of the firm and its commitment to innovation and progress alongside excellent client service. We are looking forward to help build a strong national group supported by best-in-class technology and process flow.”
All of the FJG’s existing partners will maintain their roles following Blixt’s investment, though Fisher will become chief executive officer and managing partner Paula Fowler will become chief operations officer.
According to Legal Futures, the target is for FJG, which has revenues of £7.3m, to be the first building block for a national practice generating at leat £100m within five years.
The arrival of firms like Blixt follow the ongoing efforts of other firms to cement different firms together across different market segments, the AIM-lised Knights being a prominent example, as we recently reported on LawFuel.