Two Partner Well Established Practice for Sale in East London

We are delighted to have been retained by a Two Partner well established Solicitors’ Practice based in East London . The Principal is interested in selling the Practice as a going concern in order to develop other business interests but might be prepared to remain after disposal for a short while to smooth a transition.

Projected turnover this year is £500,000. Turnover last year was around £450,000 with as much as £250,000 of WIP and was made up of Legally aided public and private children cases [30%], Legally aided matrimonial [20%], Legally aided housing [40%], as well as Private Client base of Matrimonial, Civil Litigation, Landlord & Tenant and Wills [10%]. There is also a conveyancing department which can be expanded quickly.

There is a database of over 6,500 clients with around 450 live files. The Practice has a strong reputation and loyal following and 95% of work is by referral. The Firm holds family and housing legal aid franchises and is Category 1 status with audits recently passed with flying colours.

The Principal owns the freehold demise of about 1,500 sq. ft. of air-conditioned and well maintained office space where the Practice is based and the Principal would be prepared to grant a Lease.

The offices have an attractive “shop front” that faces on to a busy main road with continual passing motor traffic and footfall. It is adjacent to a bus stop, within 200 yards of a London Underground Station and no more than a mile from the 2012 “Olympic Zone”. The Practice is just a few minutes drive from the A406, A13 and the M11.

Apart from the full time Principal, there is a Salaried Partner, two trainee Solicitors, one paralegal and 4½ full time equivalent support staff.

This Practice has Investors in People and Lexcel accreditation, which has led to a low indemnity premium. It has not had a single P I claim in the 14 years that the Practice has been running. There is a ‘state of the art’ IT system in place, which allows remote desktop, outsourced digital dictation, scanning storage facilities so no paper files need be stored, and fully electronic diary and time recording.

This Practice is based in a very ethnically diverse area with phenomenal potential for, , residential conveyancing and commercial work, immigration, crime which this practice does not handle. W e believe it would be of interest to provincial Firms wishing to gain a foothold in East London to develop their Commercial and Private Client bases in this increasingly attractive area. We also expect this would be of interest to someone looking to acquire their first Practice as a going concern.

Please contact us for more information