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LDC has made a minority investment in a tech-enabled legal services firm, which is the umbrella group for brands including Clerksroom Chambers and Clerksroom Direct.
The Barrister Group (TBG) uses its proprietary Chambers365 management software to give barristers choice over their working patterns.
It offers flexibility to practitioners by enabling them to operate on a remote basis without the need for a physical chambers.
Clerksroom Chambers is headquartered in Taunton with offices in London and Manchester, while Clerksroom Direct also has sites in the same three locations, as well as Exeter.
The transaction sees the Bristol-based team at LDC back co-founders Harry Hodgkin and Stephen Ward, alongside their existing management team.
LDC’s investment will enable TBG to attract more barristers and instructions with its alternative chambers model, while supporting existing members and investing further in its proprietary technology to support the growth of the business.
Stephen Ward, co-founder of TBG, said: “Since we began back in 2001 as Clerksroom we’ve wanted to make a difference to the way the Bar operates. The traditional chambers model has its place, but might not be for all barristers. Our technology and our model offer many advantages that other chambers may not be able to match.
“We are building the Bar of the 21st century and LDC’s experience of building tech-enabled services companies, will help us take the next step in making that happen.”
Harry Hodgkin, chief executive and co-founder of TBG, added: “This investment is testament to the hard work those behind this concept have put in over the years, but it is also an opportunity for TBG and the Bar to look to the future.
“The LDC team understand our business and our sector, and they were quick to identify a number of value-add areas where they can support TBG.”
The transaction was led by investment directors Oliver Schofield and Stefan Gunn and investment manager Alex Knox at LDC in Bristol. Schofield and Gunn will join the board, with Steve Weller joining as non-executive chairman and Christina Blacklaws joining as non-executive director.
Schofield added: “The team at TBG is bringing disruptive tech-enabled solutions to the legal market in a move that offers greater flexibility and alternative ways of working for the Bar, whilst importantly improving access to justice for the public.
“TBG has the potential to revolutionise the future of the Bar by offering a real alternative to the traditional chambers model and we’re excited to support the team as they continue to pursue their growth plans.”
The transaction marks the second investment LDC’s team in the South West and Wales has completed this year. It follows the backing of Cardiff-based Idwal.
TBG was advised by PKF Francis Clark (corporate finance) and Michelmores (legals). LDC was advised by GT (corporate finance and tax structuring), WBD (legals), BDO (financial and tax due diligence) and Armstrong (commercial due diligence).
