Manchester’s largest law firm to be created after £33 million acquisition

Global law firm Slater & Gordon have today announced the acquisition of Manchester based law firm Pannone in a £33 million deal.

The deal will see Slater & Gordon take control of Pannone’s consumer business and the majority of their practice groups, and create the largest law firm in Manchester.

Due diligence is substantially completed and formal Business Sale Agreements have been executed. The transaction is expected to complete in late February 2014.

The acquisition is made up of a cash payment of £25.5m and the issue of £7.5m in Slater & Gordon shares. A proportion of the shareholding will be released subject to performance. The firm said it expected turnover to hit £34.5m by the end of 2013/14.

Slater & Gordon Head of UK, Neil Kinsella said the acquisition of Pannone, a nationally renowned firm with market-leading personal injury, business crime and family law practice areas, would see Slater & Gordon’s staff numbers in the UK increase by approximately 50 per cent to a headcount of more than 1200. The acquisition will make us the largest law firm in Manchester.

Mr Kinsella said: “This acquisition will transform us into a significantly larger firm offering a broader range of legal services and allowing us to help more clients in their fight for justice.

“The planned acquisition of Pannone is a vital step in our strategy for growth, bringing us closer to our aim of becoming the UK’s leading law practice for every day people.

“I am pleased to welcome Pannone’s people into the Slater & Gordon family and I am sure they will add a great deal to our skills and capability. We believe Pannone is an ideal partner for Slater & Gordon. I am particularly pleased that this transaction significantly increases our personal injury practice area, while also reinforcing our commitment across a broad range of personal legal services.

“Bringing together our teams will give us leading positions in many fields, including family law in Manchester, and strengthen our ability to help everyday people across a broad range of legal areas. This is an important time for both firms, which have much in common, including a focus on delivering high quality, affordable legal services to every day people and their personal and business needs.”

Pannone Solicitors managing partner, Emma Holt said: “This is an exciting time for Pannone and we see this as a significant opportunity that will be beneficial to our clients and our people. We look forward to working towards the completion of this deal with Slater & Gordon, the result of which will make us a stronger advocate for our clients as we continue to put them at the centre of everything we do.”

Upon completion, Slater & Gordon will acquire the majority of the practice groups of Pannone, including personal injury and serious injury; clinical negligence; court of protection; family; wills, trusts & probate; property; as well as some elements of the employment and dispute resolution practice areas. The remaining practice areas will largely continue with a new independent firm under the name Pannone Corporate.

Today’s announcement follows the completion of Slater & Gordon’s acquisition of Fentons, Goodmans and Taylors Vinters (Personal Injury practice) over the summer. The firm also recently announced the acquisition of John Pickering and Partners, which is expected to be completed tomorrow