Alvarez & Marsal Legal Services (AMLS) and BDB Pitmans have signed a Letter of Intent, agreeing to explore the creation of a new international law firm called Broadfield aimed at supporting mid-market private capital and corporate clients.
Broadfield will target rapid expansion through talent and firm acquisition in the UK and US markets with the aim of extending into continental Europe to create a new market-leading, full-service law firm. The individuals, teams and firms that join Broadfield, of which BDB Pitmans is the founding member, will share common attributes, ambitions and an entrepreneurial mindset to navigate legal sector fee and cost pressures while capitalising on opportunities. As a large international law firm, Broadfield will benefit from economies of scale as well as the ability to collaborate on cross-border client work. All Broadfield firms will retain their own governance – in accordance with their jurisdiction – and P&L, to best manage their business with respect to local market conditions.
Once formed, Broadfield will engage AMLS to provide management services to the new firm including technology, back-office services, strategic services for growth initiatives and will also assist in procuring investment capital for the growth of the firm. In addition, AMLS will also explore opportunities for Broadfield to partner with A&M in certain service areas when appropriate for clients.
BDB Pitmans is a UK-based law firm advising mid-market private capital and corporate clients as well as charities, private wealth and the public sector. Its team of 420 experts specialise in infrastructure, real estate, energy, technology, and transport, supporting clients from offices in London, Cambridge, Reading and Southampton. BDB Pitmans benefits from longstanding client relationships that are underpinned by clear advice and practical solutions.
Peter Sacripanti, the Global Head of AMLS said:
Mid-market law firms are generally confined to domestic footprints. They have been facing pressures arising from increasing competition and increasing technology investment demands. Broadfield will have the scale, efficiency and technology to provide a superior service and enable investment in growth. Our objective is to assist Broadfield to build a major international law firm unlike any other in the market.
Christopher Price, Managing Director and EMEA Head of Alvarez & Marsal Legal Services (AMLS), said:
BDB Pitmans has an outstanding track record and reputation in the market. Its infrastructure team is particularly well-regarded and is likely to be busy over the next few years as the new UK Government introduces planning reforms and unlocks investment. We are thrilled that BDB Pitmans has agreed to be the founding firm of Broadfield, and we are in active discussions with others.
John Hutchinson, Managing Partner of BDB Pitmans, added:
Big law firms are pricing themselves out of quality work, yet mid-market firms are failing to capitalise on this dynamic due to structural headwinds. Broadfield is the answer to this problem. We are excited to be working with AMLS in building a compelling client offer that stays true to our heritage and the quality expertise that our clients expect, underpinned by a first-class operating model.
This news has been covered in Financial News, Solicitors Journal, The Lawyer, Law.com, Bloomberg Law News, Legal Mag, Law 360, Eprivateclient, Insider Media, Commercial Dispute Resolution and International Financial Law Review.
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