The bounce-back and resilience of the listed law firms continues in the UK
The UK listed law firms’ action continues as UK legal services company RBG Holdings has acquired the specialist international 29 partner law firm Memery Crystal LLP in a £30m deal.
The Memery Crystal partner receive cash and shares in RBG as settlement on the deal. RBG own the City law firm Rosenblatt Ltd, a dispute resolution specialist practice. See the report on Rosenblatt here and the renewed resilience of the UK listed legal services market that Lawuel reported on here.
Rosenblatt, a specialist litigation firm founded by Ian Rosenblatt (pictured) was the fourth law firm to list on the London stock exchange in its own right, in 2018. Nicola Foulston, chief executive of RBG Holdings, said: ’Memery Crystal is an excellent addition to the group both culturally and operationally. Both businesses are entrepreneurial in nature. The firm is a strong operational fit with our existing legal business, RBL, providing a stronger corporate, commercial, and real estate offering than we have currently.
In a statement, RBG said both businesses will retain their own brand identities and separate offices. Memery Crystal’s current managing partner Nick Davis will continue in the role.
’Together, our legal services division will have a full-service offering across different sectors and legal disciplines. Both businesses are in great shape, having performed strongly in 2020, demonstrating the resilience of their respective business models and the value clients place on the quality of the service they receive. We see opportunities to grow both firms.’
In another announcement, RBG Holdings reported a marginal rise in pre-tax profits to £7.7m on revenue up 8% to £25.6m for the 12 months ending 31 December 2020.
RBG Holdings shares rose nearly 11 per cent to 132.9p in early trading today.
