Succession planning is a key strategy for professional practices.

Whether your strategy involves acquiring an existing firm, selling the one you own, merging with another or something else entirely, our expertise and many years of practical experience will help you succeed.

Succession strategy is something that all owners need to be thinking about as soon as they become an owner, and not at the point when they have made the decision to retire/sale, as these plans can take a considerable amount of time to action. Attracting new talent, establishing a dynamic working culture and maximising value for all stakeholders in a law firm requires careful planning.

How can we help you?

We have been helping individuals and law firms acquire/sell or restructure their practices for over 30 years. If you are considering any of these types of transactions, we can support you through the whole transaction.

Our range of services matches our depth of understanding in the sector, and the following is just a selection of the ways in which we can assist you.

Due diligence
Mergers and acquisitions: selling your law firms and buying/merging with other law firms
Business valuations

Post deal support
Management buyouts/buy-in
Financial models and forecasting
Introducing key suppliers

Finding potential M&A partners
Dealing with HMRC, SRA and other statutory requirements
Preparing for sale

Have you seen our succession strategy webinar series?

Join us for a unique journey covering the key components that will help make your succession strategy more successful.

Watch now

Understanding you

From figuring out what your law firm is worth and strategy planning, to completion and post-deal support, we work with you to understand your business objectives and give you the advice you need to make them a reality.

We understand that every firm is unique and there is no ‘right or wrong’ approach to succession as it depends on each firm’s own circumstances. We also understand that your approach may require adaptability and creativity. We therefore encourage firms to consider alternative options for succession that go beyond the traditional, including:

Management buyout or ‘buy-in’
Establishing an Employee Ownership Trust (EOT)
Public listings
Raising alternative sources of finance
Corporate restructuring, including incorporation, disincorporation and hybrid structures

Understanding the sector

Our team works exclusively with law firms, and we have a deep understanding of the sector, including the practical and regulatory aspect, and this can help the process run smoothly and to plan.

We also understand that law firms face unique challenges and can help you deal with them, We have an established relationship with the Solicitors Regulation Authority (SRA) and know how make sure the regulatory aspects of your plan are not a barrier.

Making a difference

Our Legal Team are fully qualified accountants with over 30 individuals who exclusively work with law firms.

We are proud to announce that we are have recently won 'Advisory Firm of the Year' at the annual South West Business Leader Awards 2021, are shortlisted for the Insider Dealmakers Awards 2021, were placed 6th in the UK Experian M&A national rankings in 2020 and were the most active corporate finance adviser in the South West (Experian M&A Review 2019 and 2018).

Dispelling the myths of selling your law firm

Top 6 merger deal breakers to consider

Featured news

Legal update: Realising fair value for your legal business

Wednesday 5 January 2022

The mergers and acquisitions market for independent legal businesses remains strong. Barely a week goes by without an announcement of another acquisition by a consolidator and the number of regulated firms has started to decrease after many years of stability.

Legal update: How to deal with the commercial and regulatory issues

Monday 6 December 2021

Maintaining confidentiality in M&A transactions is mission critical and takes meticulous planning. Share information only on a strictly need-to-know basis, use properly drafted non-disclosure agreements and consider private emails for sensitive exchanges - and whatever you do, watch what you say at the kitchen table.

Legal update: Professional indemnity insurance

Monday 29 November 2021

If you are considering a law firm merger or acquisition, then you need to take great care to understand what the position will be as far as you professional indemnity insurance (PII) is concerned.

Legal update: Succession strategy - what to think when considering a suitable match

Monday 22 November 2021

Having clarity about your value proposition and being able to articulate it clearly is vitally important in any M&A process. Whether a firm is acquiring, merging or selling, in addition to asking themselves what is in it for me?’, more importantly they must ask what is in it for the other party?’. Investing time to scenario plan and play out the various questions or directions that conversations may take will be invaluable.

Legal update: Buying or merging with another law firm? Be aware of the PII issues

Monday 15 November 2021

Law firms that are looking to buy, merge or otherwise acquire a firm should always proceed with care. The potential impact on your Professional Indemnity Insurance (PII) is a major consideration.

Legal update: Looking at your succession options

Monday 15 November 2021

Succession planning starts the moment you become an owner. It does not start the moment you decide that you want to sell. By starting early you maximise your opportunities in terms of options both internally and externally.

Legal update: Succession strategy – what are my options?

Thursday 26 August 2021

Succession is one of the underlying biggest challenges for law firms, no matter your size. The perception is that succession planning appears to be easier for the larger firms, but getting the right talent in the right place at the right time is what everyone struggles with from time to time. This is often why mergers and acquisitions activity is becoming such a talking point, as it could be the perfect solution to a difficult challenge or an opportunity for growth, depending on whether you are selling or buying.

Legal update: Dispelling the myths of selling your law firm

Friday 2 July 2021

The law firm mergers and acquisitions market is on a positive upward trend, and many partners and owners are now looking for opportunities to sell. Hazlewoods Legal Team works with law firms every day, and whilst talking to those who have an interest in selling, we find that there are some common misconceptions surrounding the selling process. We have summarised the eight most common myths below, with our reasons as to why they should not deter you from addressing the succession of your firm.

Legal update: 10 things to think about before approaching anyone about selling your practice

Tuesday 13 April 2021

When do you want to exit? It is estimated that less than 10% of owners really know the answer to this. However, having a timeline gives you clarity to enable you to plan properly as, ideally, you want to be in control of the process and not let the process control you.

Legal update: Law firm mergers fall to nine-year low as pandemic turns consolidators cautious

Thursday 18 March 2021

Law firm mergers have fallen to a nine-year low as the economic downturn leaves consolidator firms wary of making acquisitions.

Testimonial from John Allen, Director, Kite Consulting Ltd

"Its always people that make the difference and the team we work with in Hazlewoods have been superb – conscientious, creative and hardworking."

Testimonial from Philip Shaw

"Trish proved tenacious and proactive in helping to drive the deal to a successful conclusion and readily understood the nuances of dealing with not only lawyers, but LLP’s. Her knowledge and approach meant that items that may have resulted in disagreement or argument with the acquirers team were dissipated or simply avoided. Finally, the fees involved were in my view both entirely justified and reasonable which is not a comment that often springs to mind in such situations!"

Testimonial from Anonymous

"Having worked with Trish Kinahan for many years I had no hesitation in engaging her to advise and assist us on the sale of our law firm. Their wide knowledge of the sector helped us to structure the deal an the decision was made to proceed with a share sale. They were there to assist u at all times throughout the process and provided effective and efficient support. We received an excellent service and would certainly recommend them to anyone involved in a corporate transaction."