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Innovative tech-enabled legal services company The Barrister Group (TBG) has secured an eight-figure minority investment from LDC to drive its next phase of growth, in a deal supported by PKF Francis Clark.
LDC, the private equity investor which is part of Lloyds Banking Group, has made a minority investment in TBG. Founded in 2001, TBG is the umbrella group for well-known legal brands including Clerksroom Chambers and Clerksroom Direct. It uses its innovative 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.
TBG’s modern approach also enables law firms to reduce the time taken to instruct barristers, as well as improving access to legal services for the public.
LDC’s investment will enable TBG 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.
PKF Francis Clark were instrumental in making this transformational deal happen for The Barrister Group.
PKF Francis Clark advised TBG’s founders throughout the process, including reviewing their options, identifying and approaching potential investors, negotiation support, deal and tax structuring.
Harry Hodgkin, CEO and co-founder of TBG, said: “PKF Francis Clark were instrumental in making this transformational deal happen for The Barrister Group. Tom, Paul and the team took the time to get to know us and really understand the business and our ambitions, so we had confidence they were acting in our best interests at every stage. We enjoyed working collaboratively with them over a significant period of time, from the initial exploration of our options through to completion, and their proactive support throughout the whole process was invaluable.”
Stephen Ward, co-founder of TBG, 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.”
This investment will enable The Barrister Group to exploit the massive growth opportunity it has created through its innovative approach to using technology to transform the legal services market.
Tom Hicks, corporate finance associate director, said: “This investment will enable The Barrister Group to maximise the growth opportunity it has created through its innovative approach to using technology to transform the legal services market. Over the past 18 months, we have worked closely with Stephen and Harry, initially exploring their options, then creating and structuring the right transaction to achieve their ambitions. We approached potential investors, supported with negotiations and helped to select the right investment partner to help take TBG to the next level. We’re excited to see what LDC and TBG will achieve together.”
The transaction was led by investment directors Oliver Schofield and Stefan Gunn and investment manager Alex Knox at LDC in Bristol.
Harry Trick and Chris Smedley at Michelmores provided legal advice to TBG’s founders.