Mergers and Acquisitions
Mergers and Acquisitions can be and often are a challenging and difficult process. The mix of a regulated environment with Insurance implications, personal requirements, and firm requirements provides for a complex mix of challenges that need careful consideration, planning, assessment, negotiation, due diligence, and delivery.
Our M&A service helps firms on both sides of the acquisition table or those seeking a merger from establishing the correct approach, through to the technical elements of complying with regulation and delivering the ‘final deal’.
Having experience on your side can prove invaluable to achieving the end result and for an effective and successful acquisition or merger. Our team are ready to help build a strategy or to work with a firm to achieve its desired goals.
Often, the step to deciding whether a firm should be sold or a merger partner sought can be a difficult decision for a range of factors, not least due to the uncertainty this may create. Establishing the correct path to take is the first and important step of our services and it may endorse or change current thinking. Equally, if the decision has been made and you are seeking guidance and support through the process, we can pick up our services from this point.
Find Out More
For more information about our Mergers and Acquisition Service, you can call us on 0203 911 9710 or you can email us at info@thestrategicpartner.co.uk. You can also download our Mergers and Acquisition brochure by clicking on the link below.
Mergers and Acquisitions – The Detail
Whether you are seeking to sell, merge, or acquire, our service is designed to ensure all law firms who engage with us, obtain the best possible outcome for the firm and its owners. There can be multiple reasons for entering the M&A market and we act for firms across the UK, from those seeking to expand through acquisition through to those seeking an exit from the market.
Due to the unique nature of law firms, it is important to use an expert who has knowledge of the industry and understands the issues law firms face when seeking to sell, merge or be acquired. It may be that a final decision is yet to be made and a firm is seeking guidance and to discuss the options available. Whether you are buying or selling, at The Strategic Partner we have a depth of knowledge and contacts to assist you in the process.
Our Mergers and Acquisitions Services
Due to our activity in the legal sector, we are able to help create relationships with our existing clients or we can work on your behalf to target firms (or departments) to acquire. We can also directly approach your target list of potential firms to establish initial interest.
We have designed a responsive service to assist firms which includes: –
- Preparation – The start of the engagement for our service is an initial no-obligation conversation or meeting to discuss your requirements and the rationale behind your merger, sale, or acquisition. This will enable us to put together an appropriate initial request for information to commence our service provision. It will also enable us to agree on an appropriate fee level for our service.
- Understanding – With the initial information established, the next step is to understand the detailed rationale for the decision. The understanding will include: –
- The reason for the M&A or sale
- Review of the firm generally to establish the core features and why the firm would make an attractive proposition to merge with or acquire. If this is a sale to ensure the firm is in the best possible position to obtain maximum value or minimise damage, financial or otherwise
- We will meet with each of the owners of the business to understand their personal requirements as it is more than possible that the needs of each owner will be different and this needs to be factored into the next steps
- Establishing the requirements of incoming owners or exiting owners. What are the prerequisites and what is being offered to each owner or what is prepared to be offered?
- The structure of the firm and how this will translate into another firm and what may need to change to strengthen and prepare for the integration of a new firm
- The message the firm would like to portray and to who and when. Importantly, what will be said to the staff and how is this to be managed?
- Who is expected to be impacted by the impending change and to what extent does this need to be planned for
- Details of any potential targets to undertake analysis and decide on the best method of approach to secure interest
- Review of systems and processes adopted by the firm enabling comparisons to be drawn with targets which may assist in a successful conclusion or deliver financial savings
- A review of the financial position of the firm. This initial stage is more high level rather than a detailed financial review which will form part of due diligence.
- Prospectus – Once the detail has been established and the full requirements appreciated, a prospectus will be put together. If the task is the sale of the firm, we will work with you to highlight the key features of the firm and why it would make an attractive proposition. If the requirement is to find a firm for acquisition or merger the prospectus will focus on why the firm would make a good partner or merger opportunity. The prospectus will be a professional document providing key information to firms that may be interested in setting out core requirements and key features.
- Marketing – Unless our engagement is to work with a firm that has already found the target firm to purchase, merge with, or be sold to, we will need to agree on an appropriate approach to informing the market of the firm’s intentions and what information can be made public or if the instructions should be discrete and direct. We will tailor the approach to ensure the firm’s requirements are met when marketing and advertising.
- Due Diligence – When an appropriate prospect has been established there will be initial conversations and discussions between the key stakeholders to agree to move into the due diligence phase. It is necessary to scope out how due diligence will be undertaken, by who, and over what time frame. There will be the need to provide information at some stage and an onsite review will be necessary and this will need careful management. The information to be shared and the approach to be taken need planning. Due diligence is an essential part of the process and will need to be detailed and accurate as it will be this part of the process and the information obtained and shared that will set the scene for the final negotiations.
- Negotiation – It may be that the firm wishes to negotiate directly with the ‘other firm’ and we will have input as needed or we can manage the negotiations on your behalf. Regardless of how involved we are in the negotiations, we will do our utmost to ensure that the needs of the firm and the owners are met.
- Finalisation – The finality of the process is the drafting of agreements to cement the contractual relationship. We will work with you and your legal team or we can introduce our legal team to assist in preparing the appropriate and final terms for completion.
- Post-Merger/Acquisition – Once completion has taken place the integration of the firm is necessary to be undertaken in a time frame that meets the needs of the firm. Internal and external messaging needs to be agreed upon and managed effectively. The post-implementation period needs a carefully planned strategy to ensure the integrity of the deal is maintained and the reason for the M&A or sale is realised.
Enquiries
As each merger, acquisition, or sale is unique, our fees will be bespoke to each instruction. We will agree on fees upfront and there will be full transparency of all charges that apply and we will not exceed a budget without the approval of the firm.
We will be very clear on pricing before the relationship commences and the final price will depend on the requirement of The Strategic Partner and the work we do for you.
We will also discuss funding options that will assist you in securing the service we provide. If you are a member firm, you will be entitled to discounts on our fees.
For more information about our Mergers & Acquisition service, you can call us on 0203 911 9710 or you can email us at info@thestrategicpartner.co.uk.