Hungry Simpson Millar ready to take on more acquisitions

LAW firm Simpson Millar could be poised to snap up further acquisitions in Yorkshire.

Simpson Millar, which has 150 staff in Leeds and Sheffield, said that it could be interested in buying law firms, individual departments and niche practices that have expertise in areas such as family law and clinical negligence.

Peter Watson, the managing partner of Simpson Millar, told the Yorkshire Post: “We are not actively seeking to expand our network of offices but rather to develop core practice areas where we already have a presence.

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“Our merger with McAras in summer 2012 was a great example of that and we are very open to the prospect of engaging in talks with other firms or specialist divisions in the Yorkshire region. The key for us remains to consider each business proposition on its own merits and to keep an open mind.”

Although Simpson Millar’s focus has largely been on personal injury, clinical negligence, family and conveyancing, Mr Watson wouldn’t rule out acquisitions outside those areas.

He said: “It all depends on the specific opportunity and the cultural fit...Simpson Millar already serves the major regions in England and Wales from 11 offices which is a good national spread.

“That said, we will always consider expanding into new cities if we were particularly impressed by a local practice that presented a compelling business case. Liverpool is one such example.

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“We acquired a large book of clinical negligence work there in 2013 which justified opening a Liverpool office.”

“Having a strategy for growth is absolutely essential but you should never be shy of deviating slightly if and when the right opportunity presents itself.

“We are currently working on a number of acquisitions which should complete in the first quarter and second quarter, and there will undoubtedly be others as the year progresses.

“The scale of financing all depends on the profile of the work, profit margin and file velocity – how quickly we can turn the acquired work into fees. We are also exploring external investment options which was part of the rationale for applying for Alternative Business Structure (ABS) status back in 2013.”

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ABS was introduced as part of the Legal Services Act, which allows non-lawyers to take equity stakes in law firms for the first time, creating major opportunities for expansion.

The Legal Services Act, which came into force in October 2011 has been a catalyst for major changes in the sector. In the longer term, it is expected to increase choice and competition.

It also means that non-legal companies, such as supermarkets and banks, can enter the sector.

Altogether, Simpson Millar has 245 staff across 12 offices. Mr Watson joined Simpson Millar in July 1992. In July 1994, he became a partner in the firm and in July 1996, he was appointed as the firm’s first managing partner.

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Last year, London-based Slater & Gordon announced plans to buy Simpson Millar, but no deal was reached. Yesterday, a spokesman for Simpson Millar said the firm does not comment on previous or ongoing talks.

A spokesman for Slater & Gordon said yesterday: “There is no update on Simpson Millar.”