Tech-driven legal services firm The Barrister Group (TBG) has secured an eight-figure minority investment in a deal thought to be the first of its kind in the Bar of England and Wales.
TBG is an umbrella group of legal companies including Clerksroom, which is headquartered in Somerset. The firm has developed software which is designed to give barristers flexibility to work remotely and improve public access to legal services.
The company has now secured private equity backing from LDC, the private equity investor which is part of Lloyds Banking Group. The transaction was led by LDC’s team in Bristol.
Read more: Foot Anstey appointed by renewable energy producer Sonnedix's UK panel
Stephen Ward, who co-founded TBG with chief executive Harry Hodgkin, said: "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.”
Mr Hodgkin added: "This investment is testament to the hard work those behind this concept have put in over the years, but it is also an opportunity for TBG and the Bar to look to the future. The LDC team understand our business and our sector, and they were quick to identify a number of value-add areas where they can support TBG.
“LDC’s regional network, which closely aligns with TBG’s proposition, their sector experience and insights were a real draw for us. This investment and LDC’s support will enable us to expand and develop as a business, giving greater access to the profession for those less inclined towards the older chambers model."
As part of the agreement, LDC investment directors Oliver Schofield and Stefan Gunn will join the TBG’s board. Experienced directors Steve Weller and Christina Blacklaws have also been appointed as non-executive bosses.
Mr Schofield said: “The team at TBG is bringing disruptive tech-enabled solutions to the legal market in a move that offers greater flexibility and alternative ways of working for the Bar, whilst importantly improving access to justice for the public.
“TBG has the potential to revolutionise the future of the Bar by offering a real alternative to the traditional chambers model and we’re excited to support the team as they continue to pursue their growth plans.”
TBG was advised by PKF Francis Clark (corporate finance) and Michelmores (legals). LDC was advised by GT (corporate finance and tax structuring), WBD (legals), BDO (financial & tax due diligence) and Armstrong (commercial due diligence).
Read next:
- Law firm Clarke Willmott announces raft of promotions in Bristol office
- Law firm Clarke Willmott advises Cornish Bakery on expansion
- Bristol law firm completes move to new flagship office
- Dorset law firm advise on new increases to statutory pay rates
Like this story? Why not sign up to get the latest South West business news straight to your inbox.
