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Hudgell Solicitors™ | Community | Onwards and upwards

Onwards and upwards

I’m pleased to announce that we have just completed our second acquisition of the year in buying a book of work from Williamson Hill of Teeside. I can also give you a sneak preview of an upcoming announcement, as we have our third and biggest deal of the year so far now agreed, with contracts exchanged and a completion date lined up for later in the month. Watch this space and you will be the first to hear more…

Over the last few years we have been acquiring caseloads or work in progress, either for a one off payment or through an earn out deal based on total costs ultimately recovered, with an upfront deposit. Either option if framed correctly will ensure the seller achieves far more than they would by simply finishing the files for themselves. Usually an earn out will net more, because the risks are less for us, but there is the uncertainty of a final figure to be realised and an uncertain time scale.

We tailor all our acquisitions to fit the seller, with an off the peg standard contract that can be amended to reflect the particular circumstances and recourse to readily available funding. Interestingly, we have seen a whole range of different reasons for lawyers looking to sell. They may want to retire, be uncertain about the future, or looking to inject cash into other areas of their business. It may be they are simply struggling to compete and looking to cut their losses. We have helped provide funding to meet run off cover and give that peace of mind in retirement against any nasty surprises possibly lurking in the cabinets!

In line with our on and off-line marketing strategy we are keen to increase the geographical  footprint of the firm. Shortly we will be opening a base in the Midlands, and we are actively seeking other strategically placed locations. We are keen to talk to individuals or groups with work, a following and ambition to partner on a profit share arrangements, via the vehicle(s) of an LLP. We will provide the resource to market the business and cover overheads. Our stated aim is to have a number of satellite offices operational in the next 12 months.

We receive every enquiry in confidence, and will turn them around quickly, even if it’s just a brief chat.  Let me know if you want to talk…

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Hudgell Solicitors is a trading name of Neil Hudgell Limited | Director Dr. Neil Hudgell MA LLB (Hons) LLD | Registered in England No. 7078429 | Authorised and Regulated by the Solicitors Regulation Authority | SRA No. 521372 | VAT Registration No. 254 7802 90