SRA: Most companies have insurance, but mergers are on the rise November 11, 2020 Mergers: upward trend This year`s liability insurance renewal season has not been as bad as some had predicted, but there has been an increase in mergers and acquisitions, the Solicitors Regulation Authority has revealed. The regulator is also working with the Law Society to address issues arising from the anticipated increase in the number of such transactions. Despite warnings of a tougher insurance market in recent months, only 47 companies whose policies expired on Sept. 30 missed the extended insurance deadline — giving them 30 days to get a new one while covered by their previous policy — compared to 42 in 2019. Not all companies inform the regulator, and the SRA is retrieving them through the insurer`s data collection it is doing this month. If they don`t have new coverage, businesses enter a 60-day notice period during which they are still looking for insurance, but unable to accept new customers and are expected to prepare for an orderly liquidation. Chief Executive Paul Philip said a small number of companies had also informed SRA of its closure before their insurance policy expired because they could not afford the renewal premium offered. At the SRA board meeting last month, he continued, „We have seen a slight upward trend of firms that have merged or been acquired by another law firm. This has been reported in the legal press as a way for companies to continue providing services to their customers without having to close due to rising insurance premiums.

„We expect merger activity to remain an important trend over the medium term as companies respond to the new economic environment.” We have set up a working group of representatives from the Law Society to see if there are other supports we can offer to support mergers and acquisitions and orderly closures of businesses. Legal Futures has reported several mergers and acquisitions in recent weeks (see here, here and here). Since then, Yorkshire-based law firm Schofield Sweeney has acquired Prodicus Legal, a Leeds-based niche firm specialising in commercial litigation and corporate/commercial work. James Wood was a partner at Schofield before founding Prodicus Legal in 2013. He said it would be useful to be part of a larger team as process activity increases, „and the safe assumption is that there will be a significant impact of distressed debt.” Steven Millward, a partner at Schofield, said the firm has hired nearly 20 lawyers since March „and looks to the future with cautious optimism as we continue to grow.” The two firms have been closely associated for many years, Pauline was trained at Schofield Sweeney and James was a partner at Schofield Sweeney before founding the firm. Both are looking forward to returning to a firm they remember and are more than aware that the firm lives up to its reputation for providing excellent, clear business law advice. Among Prodicus Legal`s investors is Schofield Sweeney. CBI websites generally use certain cookies to enable better interactions with our websites and services. The use of these cookies, which may be stored on your device, allows us to improve and personalize your experience. For more information about your cookie options, please see our Privacy Policy here. By continuing to use this website, you agree to these choices.

James Wood founded Prodicus Legal in 2013. The team specialises in complex shareholder litigation, commercial fraud, insolvency proceedings and property litigation for businesses and individuals across the UK. James becomes a partner at Schofield Sweeney. Prodicus` litigation team also includes attorney Damian Kilroy, who worked closely with James for 6 years and has earned a reputation for working on complex litigation. „As a company, we have responded well to the challenges of Covid (we have hired nearly 20 lawyers since March) and look to the future with cautious optimism as we continue to grow.” Prodicus Legal specializes in complex shareholder litigation, commercial fraud, bankruptcy litigation and real estate litigation for businesses and individuals through États-Königreich.Am November 4, 2020, Prodicus Legal was acquired by Schofield Sweeney. The parties have agreed not to disclose the terms of the transaction. Wood became a partner at Schofield Sweeney. Prodicus Legal`s litigation team also includes attorney Damian Kilroy, who has worked closely with Wood for six years. Pauline Hanratty will join Schofield Sweeney`s corporate offering. She has extensive experience advising on all aspects of corporate and commercial matters for clients ranging from sole proprietors to PLCs.

James Wood founded Prodicus Legal in 2013. The firm specialises in complex shareholder litigation, commercial fraud, insolvency proceedings and property litigation for businesses and individuals across the UK. Don`t let your products be ignored. Buyers use our supplier rankings to pre-screen companies and generate tenders. Prodicus Legal is headquartered at 3 Northwest Business Park, Leeds. „We are delighted to welcome the Prodicus team and its clients to Schofield Sweeney, where they will continue to enjoy the high quality of advice and service they expect, as well as access to the other services we offer. As a company, we have responded well to the challenges of Covid (we have hired nearly 20 lawyers since March) and look to the future with cautious optimism as we continue to grow. Steven Millward, Partner Claim your profile to present yourself to buyers, investors and analysts.