Statham: Poised to take our firm to the next level
A private equity-backed accountancy business has made good on its promise to grow its law firm through acquisition by buying a London practice more than twice its size.
Moore Kingston Smith, which was the first firm of accountants to set up an alternative business structure (ABS), is joining forces with Statham Gill Davies to form Moore SGD Law from January.
Moore Kingston Smith’s ABS does not operate under its own brand at the moment. It has a 14-strong legal team, led by partner Andrew Bloom, a corporate lawyer, with one other partner, private client specialist Alison Morris. SGD has six partners and 24 people.
Moore Kingston Smith, a top 15 accountancy firm, pledged to expand its legal services arm after taking on private equity funding last year.
What was then Kingston Smith obtained its ABS licence from the Institute of Chartered Accountants in England and Wales in 2014, allowing it to conduct reserved probate work only.
The following year, it became the first ABS to switch regulators, when the Solicitors Regulation Authority granted a licence.
“In line with Moore Kingston Smith’s growth strategy to broaden its professional services, this merger will enable the firm to offer a full-service legal practice,” it said in a statement.
Its lawyers currently offer both business and private client services – in September, it launched immigration law services for businesses and high-net-worth individuals.
SGD was set up in 1991 as a boutique music law firm but has since expanded to other media and entertainment law, as well as a range of further business and private client services. The deal will support Moore Kingston Smith’s existing 100-strong media team.
“Through the merger with SGD, Moore Kingston Smith reaffirms its commitment to the media and creative industries, following its recent merger with Shipleys, a leading adviser in film, TV, and animation production,” the statement said.
Matt Meadows, managing partner of Moore Kingston Smith, said: “SGD’s team of exceptional and seasoned lawyers are a very welcome addition to our legal services team. Significantly widening our legal offering, we’re delighted to combine our expertise, enabling us to mutually carry out much broader work for our clients, together as Moore SGD Law.”
John Statham, founding partner of SGD, added: “Over the years, SGD partners have collaborated with Moore Kingston Smith, and their appreciation for our services, along with our shared values, led them to approach us about joining forces.
“By leveraging Moore Kingston Smith’s robust market presence and extensive client base across diverse sectors, we’re poised to take our firm to the next level.
“This merger ensures we have the investment, structure, and resources to adapt to the changing legal landscape and seize exciting growth opportunities, all while delivering even greater value to our clients.”
It is not the first time that an accountancy firm has bought a law firm – EY acquired Riverview Law in 2018 and Deloitte took over Kemp Little in 2020.
Earlier this week, the largest private equity deal in the accountancy sector to date was announced, with Cinven agreeing to take a majority stake in Grant Thornton UK, which is the sixth largest firm in the country with over 240 partners and more than 5,500 employees. The partners will remain invested in the business “as a significant shareholder alongside the Cinven funds”.
Press reports have suggested that Cinven is paying somewhere between £1.3bn and £1.5bn.
Leave a Comment