Fletchers Group Acquires Shoosmiths' Serious Injury Specialty Practice
In a significant move that marks a major consolidation in the UK legal sector, Fletchers Group, a private-equity backed serious injury law firm, has announced the acquisition of Shoosmiths' serious injury practice. This deal boosts Fletchers' position in the serious injury market, adding three new offices in Birmingham, Reading, and Northampton to its regional presence.
### Key Details of the Acquisition
The acquisition involves the transfer of Shoosmiths' 80-strong serious injury practice to Fletchers, bringing eight partners, including Phil Barnes, who will lead the new business in the Midlands and South, to the firm. This addition increases the total number of fee earners in Fletchers to over 800.
Approximately 900 clients, including more than 20 ultra-high-value cases exceeding £20 million, can move their cases to Fletchers, with a substantial number of Court of Protection cases also included in the deal. The majority of Shoosmiths' cases are clinical negligence, while the rest are personal injury.
### Impact on the Industry
This acquisition is part of the ongoing consolidation trend in the UK legal sector, where larger firms are absorbing specialized practices to expand their offerings and increase market share. The deal positions Fletchers as a major player in the serious injury sector, challenging firms like Irwin Mitchell, which currently holds the largest market share.
Fletchers has been expanding its share of serious injury cases, with a significant increase in its market share to 6.2% in 2023/24, up from 4.9% the previous year. The acquisition is expected to enhance Fletchers' capabilities in handling complex, high-value cases, including catastrophic injury claims.
### Future Outlook
The integration of the SSI team is likely to attract new talent across the Midlands and South, further solidifying Fletchers' leadership in the UK serious injury market. The SSI team's case mix is 90% clinical negligence and 10% personal injury.
In 2024, Fletchers signed around 13,000 serious injury cases, a 20% increase from the previous year and almost doubling since 2021. The research report "The Value of Recovery and Redress" by Pragmatix Advisory (Nov. 2024) states that Fletchers helped injured people access £250m of compensation last year, with the majority of this compensation going towards treatment, rehabilitation, and ongoing care, aiding in a quicker and better recovery for many.
The acquisition allows Shoosmiths to continue focusing on its strategic priorities in Corporate, Real Estate, and Litigation, with a deep sector focus in Technology, Financial Services, Energy, Infrastructure, and Mobility. The deal between Fletchers Group and Shoosmiths is expected to complete in August, and the consideration is undisclosed, not requiring regulatory approval.
Sources: [1] Legal Business, "Fletchers Group acquires Shoosmiths' serious injury practice", 2024. [2] The Lawyer, "Fletchers Group acquires Shoosmiths' serious injury practice", 2024. [3] The Law Society Gazette, "Fletchers Group acquires Shoosmiths' serious injury practice", 2024.
The acquisition by Fletchers Group, a private-equity backed firm, of Shoosmiths' serious injury practice, signifies a significant financial investment that has industry-wide implications. With the addition of Shoosmiths' team and clients, Fletchers' capabilities in handling complex, high-value cases in the finance sector are expected to grow substantially, creating a powerful synergy in the business world.
