US New Law provider UnitedLex has bolstered its total revenue to $350m in its most recent financial results, with expansion across the UK and Europe is high on its agenda for the rest of the year.
Turnover is up 27% on the company’s last set of financials, while UK revenue increased 8% over the last year from £54m to £58.5m. Headcount in the UK also grew over the year, rising from 125 fee-earners to 145 this year, of which 80 are qualified solicitors.
‘The UK is the centre of gravity for our enterprise model,’ chief executive Daniel Reed told Legal Business. ‘We are keen to explore opportunities in the UK because of the way the regulatory environment functions, it’s a sophisticated legal market for innovation.’
The results complete the first full financial year at the company since private equity heavyweight CVC Capital Partners acquired a majority stake in the business in September of last year. The acquisition gave UnitedLex outfit a $500m war chest, making the investment one of the largest transactions within legal services.
UnitedLex’s business focuses on providing digital solutions to how companies can improve risk mitigation, efficiency and cost. It works with companies, law firms and academic institutions, with its clients including roughly a quarter of the global Fortune 500. Looking ahead, UnitedLex is keen to bulk up its senior leadership team across the UK and Europe as well as explore growth through acquisitions, according to Reed.
‘Following the acquisition by CVC we are in a great position to leverage acquisitions,’ Reed added. ‘But our main focus is organic hires to meet client demand.’
New Law is continuing to attract and generate a significant amount of capital. Earlier this month Legal Business reported private equity house MML Capital Partners was in advanced talks to acquire Axiom break-off Axiom Managed Solutions, following the trajectory of its former parent company, which secured a sale to Permira .
‘The investment is going to increase,’ Reed concluded. ‘The legal market is large and fragmented, so there are huge opportunities to get into areas ripe for investment.’
thomas.alan@legalbusiness.co.uk