BLP votes to retain 80% stake in Lawyers on Demand spinoff
Berwin Leighton Paisner (BLP) has approved the spin-off of the firm's Lawyers on Demand (LOD) service, with the firm to retain an 80% stake in the much-touted contract lawyer business. Partners at the firm voted on the deal last night (23 May), with LOD set to be transferred into a separate company from 1 June this year.
May 24, 2012 at 07:48 AM
2 minute read
Berwin Leighton Paisner (BLP) has approved the spin-off of the firm's Lawyers on Demand (LOD) service, with the firm to retain an 80% stake in the much-touted contract lawyer business.
Partners at the firm voted on the deal last night (23 May), with LOD set to be transferred into a separate company from 1 June this year.
LOD co-founders Jonathan Brenner (pictured) and Simon Harper will take a 20% stake in the business. In light of the spin-off, Harper has decided to step down from the partnership next month to work full-time managing LOD; however, he will carry on fee-earning for some clients as a consultant at BLP.
LOD boasts a turnover of more than £7m, with more than 100 lawyers on its books. The firm has opted to separate the venture in a bid for it to be viewed more independently by the market. Harper and Brenner have said that there are currently no plans to seek external investment or pursue a float.
Harper said: "BLP's support has played a huge part in LOD's success to date and will continue to do so going forward. It's a fascinating time of disruptive changes in the way legal services are delivered and, by offering lawyers and clients a different way to work, we're enjoying being right at the heart of those changes."
LOD was launched in 2008 by Harper and Brenner – the former co-founder of recruitment consultancy ZMB.
The service provides locum lawyers on an ad hoc basis to BLP as well as in-house teams at banks and corporates including Orange, BSkyB, Channel 4 and Cisco. It has also had requests from a number of law firms within the UK top 100.
Full plans for the spin-off were outlined by Legal Week in February this year.
The news comes after Freshfields Bruckhaus Deringer officially launched its contract lawyer initiative 'Freshfields Continuum' this month, which will see the firm draw on its 3,500-strong pool of former fee earners for additional staffing during busy periods.
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