Beyond Law Group: Matt Fleetwood, Amanda McAlister (centre), Wendy McMillan
Beyond Law Group – which currently owns three practices – has accepted private equity investment as it plans to expand significantly through organic and acquisitive growth.
Waterland Private Equity has become a minority owner of the group, which is headquartered in Manchester and runs Beyond Corporate, McAlister Family Law and Home Property Law.
Waterland is a European private equity investment group that specialises in supporting ‘buy and build’ strategies. It currently manages over €14bn and has offices across the continent.
Beyond Law Group was established in 2017 by Matt Fleetwood, previously head of Fieldfisher’s Manchester office, and quickly acquired corporate firm Atticus Law, before hiring Amanda McAlister from Slater & Gordon to set up the family practice.
Beyond Law’s turnover to 31 March 2024 was around £13.8m (up from £10.5m the year before), with profits of c.£4m (up from £2.5m) and more than 100 staff.
Speaking to Legal Futures, Mr Fleetwood said he hoped to double turnover and EBITDA over the next couple of years, with 10-20% of the growth organic and the rest through acquisition.
The model is to focus on boutique practices rather than build a complete range of services, allowing them to continue under their own brands with independent management, while using a centralised back-office operation.
Mr Fleetwood said it was this focus on specialisms and also the “flexibility” of the model that were providing attracting to potential acquisitions – the firm is going through due diligence with one niche firm and in advanced talks with two commercial boutiques in London.
“The feedback we’re getting is that joining the group is a very attractive hybrid for people instead of seeking private equity themselves,” he added.
Mr Fleetwood explained that other law firms and private equity houses had approached him about being acquired, but instead he went to the market to find an institutional finance partner, rather than owner, to support Beyond’s strategy.
The group also has a base in Cheshire and the priority is to grow its presence in London, especially with Home Property Law targeting high-value transactions. It will look to move into other major cities too.
Home Property Law is the recently rebranded name of a law firm the group bought some time ago and has had to turn around.
Mr Fleetwood candidly admitted that the acquisition went “wrong” – although he preferred not to name the firm – and that the group “went through some pain understanding the residential property market”. However, it has installed a new team and the business is starting to thrive.
“In Waterland we have found an experienced and supportive partner to help us achieve our growth ambitions and vision of being the UK’s leading provider of corporate and consumer legal services,” he continued.
To support this strategy, Beyond has appointed Steve Smith, former chief finance officer of acquisitive business telecoms provider Daisy Group, as a non-executive director, “enabling the group to bring acquisition capabilities in-house”.
Despite the name, Mr Fleetwood said he was not looking to expand beyond legal services. “When I started the business in 2017, I wanted to do something built around niche practice areas and create a vibrant environment. It was more about being beyond ‘BigLaw’.”
Wendy McMillan, partner at Waterland Private Equity, said: “Beyond Law Group is a stand-out professional services business which is disrupting the legal industry and setting itself apart from its competitors…
“Together we will continue to accelerate Beyond Law Group’s journey of sustained success.”
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