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We greatly appreciated the speed and professional approach with which the team at Farrers got to grips with this complex and highly confidential matter, and the clear and concise advice given to our individual partners.
UK Chief Operating Officer, Jones Lang LaSalle
Formerly UK Managing Partner, King Sturge LLP
Collectively advising individual partners involved in creating the UK’s largest firm of property consultants.
We advised the 87 individual equity partners of King Sturge LLP on the firm’s merger with Jones Lang LaSalle. The deal, worth over £195 million, creates the UK’s (and possibly Europe’s) largest firm of commercial property agents.
As one of few firms that can claim to have true LLP expertise we were well placed to provide personal advice on a collective basis to the partners. This was achieved despite only having been given four days to review key documents and provide advice.
As well as being significant in the commercial property world, it may prove to be a model for future mergers of professional practices. As the Legal Services Act comes
into force, this case provides a template for acquisitions and mergers where cash is part of the transaction – these are likely to be more commonplace in future. Also both the firm’s partners and management realised the benefit of separate independent advice being given to individual partners through a collective arrangement.