The MBO is being led by its current senior management team – past chairman and former-MMS chief executive Magnus Swanson, LAW’s chief executive Jane Wright and Donald MacKinnon, director of legal services, who will be the new shareholders.
Established in 2001, LAW has demonstrated steady year on year growth since its launch and is now firmly established as one of the leading fixed-fee specialists in the areas of employment law and health and safety
The company, which employs a 30-strong team of lawyers and other specialist staff, will shortly be moving to new offices in Glasgow and Edinburgh
Jane Wright, chief executive, said: “This is a significant step forward for LAW and gives us a new platform to secure further growth as the market for legal services continues to develop.
“Over the last decade, LAW has built up a first-class reputation for delivering a quality service in the fixed-fee arena. The MBO positions us to take advantage of the major changes taking place in the delivery of legal services.
“From our perspective, the change in ownership is an extremely positive development, with the same management team and staff remaining in place to drive the business forward. It means that LAW will be able to continue to offer the same people and services to our clients, with no change in our ethos.”
Last year, LAW increased turnover by 23% to £1.53m and grow profit by 5.2% and anticipates announcing further positive results later this year.
The company is continuing to grow with the appointment of Ian McKinnon late last year to lead its expanding health & safety division and has made a number of subsequent appointments to support its growing client base, taking its staff number up to 30.
Jane Wright added: “LAW has an excellent client retention rate. We have invested in the best quality staff in order to maintain this and also to attract new clients. As a result we have achieved excellent turnover and profit figures in recent years. We are currently finalising our annual results and anticipate positive figures.”
The consultancy will continue to service its clients from two new offices in Glasgow and Edinburgh, with no loss of staff. It will also continue its popular training seminars in Glasgow, Edinburgh, Aberdeen and London.
Donald MacKinnon, director of legal services commented: “Employment law is undergoing a number of significant changes in the next year. This, coupled with the continuing recession, signifies that many businesses are reviewing their current staffing provisions. This provides an excellent opportunity for LAW to offer professional advice in a manner that suits the client’s bottom line. We have blazed a trail for a new way of working and the introduction of alternative business models will see further changes in a fast-changing legal landscape.”
In announcing the decision to join the MBO team, Magnus Swanson, chairman of LAW said:
“Upon leaving MMS earlier this year, I was keen to get involved with growing, successful businesses. I saw excellent potential in Law At Work and have been impressed by the business model. The business was nurtured by MMS in its early years and the time is now right for it to stand alone as one of Scotland’s leading fixed-fee consultancies.
“LAW is an excellent brand; it offers great services through outstanding people and I wanted to be part of their plans for growth. The de-merger of the business, which is a specialist in its field, will allow it to grow and develop”
“The MBO was financed by HSBC and I would like to acknowledge that backing in the face of the ongoing recession. Our advisors, DLA Piper and Craig Corporate went the extra mile for us and their support has been invaluable.”