Our market leading professional services transactions practice specialises in all-equity mergers between professional firms, acquisitions of professional firms for value, and private equity and other third-party investment in the professional services sector (including through public markets). Our team has experience advising on all the following matters:

• Private equity and trade acquisitions and sales
• All equity mergers
• Buyouts, investments, follow-on acquisitions and exits
• IPOs 
• Management incentive schemes
• Joint ventures 
• Employee ownership trusts 
• Transactional regulatory advice, including SRA, IPReg, ICAEW, FCA and FRC approvals and compliance 

We have extensive experience in establishing professional services firms entering the UK market and supporting their operations as they grow and develop their business. We have advised a wide range of law firms (including US and other international firms) establishing English law capabilities in London, as well as international accountancy firms setting up audit businesses in the UK. Key elements of our advice in this area include:

• Use of partnerships, limited partnerships, LLPs and limited companies in different commercial and investment contexts
• Equity incentive schemes
• Financing and taxation of professional services firms
• Structures for holding property, IP and other assets
• Regulatory structuring issues, authorisations and compliance, including alternative business structures for law firms

We are renowned for our expertise in all aspects of partnership and limited liability partnership law, including governance and constitutional matters. We have extensive experience drafting partnership and LLP agreements for firms operating through a range of different structures and with varying complexities. 

• Admission of new partners and succession issues
• Governance and partner remuneration models
• Restrictive covenants
• Income and capital profit sharing and annuity rights
• Goodwill valuation mechanisms and anti-embarrassment 
• Insolvency and restructuring

We have advised on some of the most innovative structuring models for professional services firms, whether structured on an integrated, network or hybrid basis. Our team has significant experience in advising on regulatory and structuring issues for professional services firms across various international jurisdictions. Our expertise includes:

• The establishment and operation of international network structures, including contract-based networks and membership-based networks operated through a company limited by guarantee or Swiss Verein
• Regulatory issues relating to ownership, control and profit sharing across international jurisdictions
• Third party ownership of law firms and accountancy firms, in particular the application of the Legal Services Act 2007 and ICAEW Audit Regulations to the ownership of UK law firms and accountancy firms operating with third party ownership (including private equity)
• Optimising firm structures in preparation for sale or IPO

Our leading contentious practice covers all aspects of partner disputes and exits, including team moves and discrimination issues. We also have extensive experience in investigations and regulatory inquiries concerning partner disciplinary matters, including investigations.

• Performance management 
• Succession planning
• Equality Act issues including age, disability and sex discrimination
• Mediation, arbitration and alternative dispute resolution 
• Investigations by the SRA, FCA and FRC

We have over 20 offices worldwide and relationships with Global Connect member firms, a network of over 200 leading law firms. This enables us to provide tailored solutions for professional services clients facing complex cross-border challenges. Our global experience includes:

• Working with international regulators including the Law Society of Ireland, the Paris Bar and the German regional Bars, to establish firms.
• Advising on cross-border private equity investment and M&A transactions.
• Structuring internationally operating professional services firms, including international network structures.
• Supporting offshore law firms with matters including structuring, partnership admissions and exits, and third-party investment.