Asset and motor finance law firm DWF intends to acquire Cobbetts LLP and has completed its merger with professional indemnity practice Fishburns LLP.
The news follows that of the wholesale acquisition of Chafes’ finance litigation team, headed by John Perez, as DWF pushes to become a top 20 legal services provider.
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Pending approval, DWF will begin the transfer of Cobbetts’ business and assets within the next seven days. The firm’s clients would continue service delivery and terms agreed by Cobbetts.
With the Fishburns merger, DWF believes it will strengthen its presence in London as well as gain access to Bristol and Dublin markets through Fishburns’ offices. The combined company will now employ more than 2,000 people across 13 offices in the UK and Ireland.
Cobbetts acquisition
Cobbetts had reported poor trading in November and December and obtained an interim statutory moratorium to enable the sale.
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By GlobalDataThe acquisition would include Cobbetts’ 80 partners and 500 employees, of which one partner, Roger Potgieter, five associates and 18 total employees deal with asset finance law. Cobbetts’ wider practice includes corporate, real estate, commercial, banking, employment, dispute resolution and private capital alongside teams specialising in planning, low carbon energy, state aid and regeneration.
However, Andrew Leaitherland, managing partner and chief executive of DWF, acknowledged the move may see job losses, saying the two firms held "some areas of overlap and we may have to displace people or find them alternative roles".
DWF growth
John Perez, Julia Williams and the finance litigation team of Chafes have joined DWF as of 1 February, with Perez becoming a partner in the firm and Williams a director.
The acquisition, plus the merger with Fishburns and acquisition from Chafes, follows DWF’s latest results of 39% year-on-year growth for the six months to October 2012.
"DWF’s plans to grow, in a strategic, targeted way have been clearly set out and [the Cobbetts] move supports that goal," said Leaitherland while the Fishburns merger "further cements our position in the insurance market and will support our endeavours to continue attracting the best talent."
richard.brown@timetric.com
