BCLP management duo step down from LOD board following private equity sale
BCLP senior partner Neville Eisenberg leaves LOD board as Bowmark Capital takes over
June 20, 2018 at 06:14 AM
2 minute read
The original version of this story was published on Law.com
Bryan Cave Leighton Paisner's (BCLP) representation on the board of flexible lawyering service LOD has come to an end after its two legacy BLP members both stepped down.
BCLP partner and former legacy BLP senior partner Neville Eisenberg and BCLP chief operating officer David Rowe have both left the board, which now comprises LOD co-founder Simon Harper, CEO Tom Hartley, and Ken Jagger and John Knox, the former leaders of Asia-Pacific business AdventBalance, which merged with LOD in 2016.
The move comes after BCLP sold its entire stake in LOD to private equity firm Bowmark Capital. The deal saw the firm relinquish its 62.36% stake in the business, with Bowmark becoming the majority shareholder.
Eisenberg said the investment would help facilitate LOD's ambitious plans for growth, but that BCLP has committed to remain close to LOD and would use the business for its flexible lawyer needs.
Macfarlanes acted for BCLP on the deal, while Stephenson Harwood advised Bowmark.
LOD was founded in 2007 by Harper, who was then an equity partner at legacy BLP, and Jonathan Brenner, legacy BLP's then head of recruitment. It now has access to more than 600 lawyers and consultants worldwide. Both Harper and Brenner are still with LOD as co-founders.
LOD's last financial results for 2016-17 saw UK profits rise from £15,000 to £2m, owing to "exceptional costs" incurred in 2015-16, according to Harper. The results came after LOD's first full year since the 2016 AdventBalance merger.
BCLP declined to comment.
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