Hutchinson: Retaining independence a key part of joining Broadfield
Southern England firm BDB Pitmans yesterday became Broadfield UK, the founder member of a planned international law firm supported by a global management consultancy.
Managing partner John Hutchinson said they hoped to add at least six firms to the network in key European and US jurisdictions over the next two years in a bid to target mid-market private capital and corporate clients.
What was BDB Pitmans is a Reading-headquartered practice with over 420 staff in offices also in London, Cambridge and Southampton.
It has joined forces with SHP Legal Services – a subsidiary of global consulting firm Alvarez & Marsal – which will provide management services to law firms joining Broadfield in the areas of technology, operations and talent acquisition.
“One of the drivers for them is to create a better tech stack that they can then use as a backbone for activities for law firms across the Broadfield network,” Mr Hutchinson explained.
SHP was set up earlier this year, initially as Alvarez & Marsal Legal Services, to offer management and consulting services to law firms worldwide. It has not taken a stake in Broadfield UK.
Its UK head is Chris Price, who joined SHP in the summer from EY, where he had been managing partner of UK financial services law. Before that, he was chief executive of early disruptor Riverview Law, which was bought by EY.
Mr Hutchinson said the appeal of the model was that BDB retained its independence while offering a route to accelerate its international growth; domestic growth through merger and acquisition was very much on table too.
BDB was a member of Lexwork International – a network of 41 law firms across Europe, the US and Asia – and Mr Hutchinson said he hoped to retain relationships with firms in jurisdictions where Broadfield did not have a presence.
While all of the Broadfield firms would be independent, he said they would have a “stronger and deeper relationship” than firms in networks like that.
SHP also had experience and insight to help both operationally and strategically, Mr Hutchinson continued.
“All mid-market firms are looking at how they differentiate themselves in the market, how they provide better options for their clients, how they maintain interest and enthusiasm among their own people… This is a route that really appealed to us.”
He reported that there has been “a lot of interest” from potential Broadfield firms – there will be one in each country, except in the US, where the plan is to have a few covering key markets.
They hope to announce the first additions in the first quarter of 2025 and to have at least six on board within the next couple of years.
“We are looking for firms that have a similar alignment on values and ambition, complementary skills sets and expertise, and are in markets that are pivotal for the mid-market services we’re selling,” Mr Hutchinson said.
Mr Price said “modernising and upgrading” member firms’ technology, operations and talent acquisition would allow them “to focus on delivering exceptional client service”.
Peter Sacripanti, chief executive of SHP, added: “Law firms, especially those that serve middle markets, are facing numerous challenges – technological disruption, globalisation and growth demands.
“Broadfield, with the support of SHPLS, provides a transformative solution for member law firms that serve mid-market clients to thrive and meet these challenges.”
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