Written by: Keith Tully
Reviewed: Thursday 17th October, 2013
The commercial law firm Manches has been sold to its competitor Penningtons to create a super law company.
Penningtons acquired the collapsed corporation after PricewaterhouseCoopers were appointed as administrators. The pre-pack deal will see 265 Manches employees and 46 partners move and operate under the new name Penningtons Manches LLP.
The amalgamated firm will have a combined turnover of £58 million and have over 600 staff and 115 partners across London, Cambridge, Basingstoke, Guildford, Godalming, Reading and Oxford.
David Raine, Chief Executive of Penningtons Manches, said: “This agreement fits both our firms’ strategic aims and responds to the ever-changing legal environment in which we now operate.
“The synergy between Penningtons and Manches was evident early on in our discussions and by joining together we will be able to offer an enhanced level of expertise to all our clients. The strong reputation and combined experience of our people will enable us to maximise our potential in our core practice areas and in the key sectors in which we operate.”
The business merger will integrate Penningtons’ private client team with Manches’ family practice, reinforcing its sector capabilities in technology, banking, life sciences and education.
Manches has been scouring the market for a partner for some time after it failed to merge with Halliwells in 2009 but the decision has now been officially made. Penningtons on the other hand has seen sustained growth over the last five years after merging with Dawsons and Wedlake Saint in 2012. Its revenue in 2012/13 was £32.5 million.
Now the super firm’s main areas of practice will be real estate, private individual divisions and business services including corporate and commercial.
Mr Raine added: “The legal market is constantly evolving and we do not believe that standing still is an option for any strong, progressive law firm. Our two practices have recognised credentials, providing high calibre advice to UK and international clients.
“We will continue to seek opportunities to enhance the quality and efficiency of every aspect of our work and to ensure that we service clients of both Penningtons and Manches to the very best of our ability.”
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