Irwin Mitchell Announces Intention To Restructure As A Licensed ABS And Seek External Finance

Law Firm Reveals Future Plans

20.04.2011

Leading national law firm Irwin Mitchell LLP announces its intention to take advantage of the provisions of the Legal Services Act to restructure the partnership as an Alternative Business Structure (ABS) and, in due course, seek external capital to further its growth plans.

Irwin Mitchell has appointed Espirito Santo Investment Bank as its financial adviser to review its options for raising external capital.  At present, all alternatives are under consideration and the preferred method and timetable for seeking external funding have yet to be finalised. 

In preparation for becoming an ABS, Irwin Mitchell is today announcing that it will be restructuring its operations, with the adoption of a two tier structure which will see the creation of a new corporate vehicle. Irwin Mitchell LLP will remain the main operating business, with the new holding company becoming admitted with a view to its becoming the controlling member of Irwin Mitchell LLP.
 
John Pickering, National Managing Partner of Irwin Mitchell said: “The Legal Services Act will create exciting growth opportunities for strong, well-financed legal services businesses to accelerate their growth plans.  Irwin Mitchell intends to be at the forefront of these changes and we have therefore taken the decision to seek external investment to further our ambitious plans for the business.
 
“Conversion to an ABS will broaden our access to capital and enhance our funding flexibility as we execute our strategic growth plan, while ensuring that we can continue to provide the very highest standards of service to our clients.”