ASX-listed Integrated Legal Holdings has made yet another acquisition for its growing legal family, this time for the legal business of tax specialists mda lawyers.
The acquired firm will fit with Integrated's "tuck-in" business model, through which Integrated acquires and supports a limited number of core member firms by merging them with larger businesses to offer better resources for growth and expansion.
It's a model, Integrated said, that fits the needs and opportunities of the current market to grow medium-sized firms.
"Our model and strategy looks to unlock the growth potential of a traditional legal business by absorbing the personal financial obligations, commitments and risks of equity partners," said Graeme Fowler, managing director of Integrated.
Mda lawyers will merge with Integrated's last acquisition, Argyle Lawyers, to form a staff unit of 7 principals and 40 staff with an annual fee income of about $9 million.
Based in the Sydney CBD, mda lawyers currently consists of principal Mark Douglass, 4 lawyers, and an annual fee income of about $2.5 million.
Mda principal Mark Douglass will join Peter Bobbin and Andrew Ireland as senior management of the merged business, to be operated out of the existing offices of Argyle in Sydney, under the Argyle brand.
Douglass said the merge will offer enhanced career prospects for mda staff: "The decision means that the firm will be able to continue to grow beyond the limitations imposed by a traditional legal partnership," he said.
- Angela Priestley