The first half of 2024 has been a whirlwind for one North West independent law firm’s corporate team. With a 64% rise in deal values compared to late 2023, the firm’s transactions totalled more than £234 million.
Much of this remarkable success stems from the firm’s 50-member corporate practice, which operates across key UK cities such as Liverpool, Manchester, Lancashire, and Leeds. This uptick in activity isn’t confined to local deals; it also spans international mergers, acquisitions, growth strategies, and succession planning.
Increased Deals in the First Half of 2024
The corporate team at a notable North West independent law firm has seen remarkable activity in the first half of 2024. The firm reported advising on deals worth more than £234 million during this period. This translates to a significant 64% increase in transaction values compared to the latter half of 2023.
This surge was predominantly managed by the firm’s 50-strong corporate practice. The team operates across four major offices in Liverpool, Manchester, Lancashire, and Leeds. The uplift in deals not only includes local transactions but also international support for mergers and acquisitions, growth strategies, and succession and exit planning for clients.
Noteworthy Transactions
Among the 74 transactions completed, several stand out. The firm assisted in the £30 million sale of healthcare specialists Compass CHC to Omni Partners, a proactive private equity group. Another impressive deal was Liverpool-based Adlib Audio’s successful management buyout. The firm also facilitated the eight-figure sale of North East construction software provider Clixifix to SmartCraft Group.
Moreover, the corporate team supported eight businesses transitioning to employee ownership. This success allowed the firm to be ranked as the region’s most active Employee Ownership Trust advisor by Experian in 2023. Key clients in these deals included Planet Logistics and Optimum Coatings, both of which experienced smooth transitions owing to the expert guidance provided.
Healthcare Sector Growth
A major contributor to the firm’s success in 2024 has been the mushrooming of the healthcare sector. Lowering interest rates have driven heightened M&A activity in this industry, leading to increased client engagement. This has equipped the corporate team to tap into new opportunities and provide extensive advisory services as the sector continues to expand.
Mark Rathbone, the partner and head of corporate at the firm, highlighted the improvements in operating conditions since the end of the first quarter. He noted that this uptick has positively influenced market sentiment, resulting in increased capital deployment. He stated, “As identified by our True North network, successfully deploying risk capital into the UK’s innovation-based industries will be critical to a stronger economy in the region and nationally.”
Sustainable Organic Growth
The firm’s corporate team has been pivotal in contributing to the sustained organic growth across the firm. In 2023, the firm recorded a 15% increase in revenues, marking the sixth consecutive year of growth. This pattern is expected to continue as the firm leverages its robust advisory capabilities and expanding client base.
Furthermore, the improved market conditions have laid a fertile ground for the firm’s continued success. Mark Rathbone expressed optimism about the ongoing year, stating, “With interest rates projected to fall as the year progresses, we’re anticipating an active second half to 2024.” His insights underscore the firm’s preparedness to support clients and capitalise on investment opportunities spurred by decreasing interest rates.
Regional Impact and National Significance
The success of the firm’s corporate team has not only impacted the North West region but also holds significant implications on a national level. The team’s advisory role in advanced manufacturing, life sciences, and healthcare underlines a commitment to fostering industry growth and innovation.
The firm’s involvement in high-profile M&A activities positions it as a key player in the broader UK’s economic recovery. By aiding companies in crucial sectors, the firm contributes to strengthening the overall market landscape, promoting job creation, and stimulating further investment in the economy.
Client Testimonials and Future Outlook
Clients have expressed immense satisfaction with the firm’s corporate services. Testimonials highlight the team’s expertise, efficiency, and dedication in managing complex transactions. The successful transitions to employee ownership and the strategic sale of businesses underscore the firm’s proficiency in delivering tailored solutions.
Looking ahead, the firm remains focused on capitalising on favourable market conditions. The anticipated decrease in interest rates is expected to further boost M&A activities, enabling the corporate team to continue its upward trajectory. By staying ahead of market trends and maintaining high standards of advisory services, the firm aims to sustain its growth and bolster its status as a leading legal advisor in the UK.
The law firm’s remarkable 64% increase in deal values during the first half of 2024 underscores its significant role in driving economic progress not only within the North West but across the UK. The firm’s expertise in managing complex transactions and its proactive approach to market trends have positioned it as a leader in corporate legal services. With interest rates projected to fall, the firm is poised to continue its trajectory of growth, aiding key sectors like healthcare and advanced manufacturing. Its strategic advisory services are crucial to fostering innovation and economic resilience.
Looking ahead, the firm’s ability to adapt and thrive in changing market conditions will be essential. As the year progresses, the anticipated boost in M&A activities is expected to further solidify the firm’s standing as a top-tier corporate advisor. By maintaining its focus on client needs and market opportunities, the firm aims to sustain its momentum and contribute to the broader economic recovery.