The Society of Licensed Conveyancers has today formally launched a ‘dating service’ to bring together law firms that are interested in acquisition (whether being acquired or acquiring) or mergers in respect of their conveyancing business.
The move comes as a number of law firms are in the final stages of closure because they have been unable to get Professional Indemnity insurance.
Other law firms have had to take out expensive short-term loans to be able to afford their PI, without which they cannot practise, in the hope that their revenues will pick up.
The Society of Licensed Conveyancers said that a number of its own members are interested in either the opportunities for expanding their businesses or establishing an exit route.
The SLC said its ‘dating service’ will operate in a highly confidential manner. It said that an acquisition or merger could help with challenges in relation to accessing mortgage lenders panels as well as PI issues.
Simon Law, chairman of the SLC, said: “This new ‘dating service’ will deliver real benefits to licensed conveyancers looking to consolidate their businesses and to solicitors who may wish to move their conveyancing practice into regulation by the Council for Licensed Conveyancers.
“The message is that licensed conveyancers are open for business and want to take a larger market share of the conveyancing market.”
www.conveyancers.org.uk
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Comments
This could apply to small residential estate agents too?