Phoenix Equity Partners (“Phoenix”) today announces an investment in Setfords Law Limited (“Setfords” or the “Company”), a leading tech-enabled legal services provider. Phoenix is investing alongside founders Chris Setford and Guy Setford to support the continued growth of the Company. Current minority shareholder, the Business Growth Fund (“BGF”), will sell its stake as part of the transaction.
Setfords, an award-winning top 200 law firm, is disrupting the legal services sector with its consultancy network model, which brings together independent lawyers under a unified brand and helps them to work more efficiently. The Company provides services ranging from secretarial and administrative support, to accounting and compliance functions, facilitated by technology. Its lawyers are able to work remotely, and with greater flexibility, offering a modern alternative to the traditional law firm model while providing excellent service for clients.
The company was founded by Chris Setford and Guy Setford in 2006 and has since expanded rapidly, delivering 50% compound annual revenue growth over the past 11 years. Today the company has more than 300 lawyers on its platform, with new lawyers joining the platform at an ever-increasing rate.
Phoenix will support further investment in the Setfords platform and lead generation capabilities, its technology and the services it offers its lawyers and their clients, drawing on its extensive experience of partnering with tech-enabled platform businesses.
Chris Setford, Co-CEO of Setfords, said: “We are proud of everything we have achieved with Setfords to date and we would like to thank BGF for their backing over the past four years. With Phoenix on board, we see significant scope for the further development of our platform.”
Guy Setford, Co-CEO of Setfords, said: “Phoenix’s experience and knowledge of growing tech-enabled platforms such as ours, that connect vendors and customers, will be invaluable as we build on the success we have enjoyed since founding the firm. We look forward to working with the team.”
Will Skinner, Partner at Phoenix, said: “Setfords is an exciting business that is disrupting the legal services sector and the way it has traditionally operated. Guy and Chris have done an outstanding job in building their business from scratch and developing a model that provides a superior offering to solicitors and clients alike. We look forward to working with Chris and Guy, and their team, to help deliver on their ambitious growth plans.”
Phoenix was advised by KPMG (Corporate Finance), LEK (Commercial Due Diligence), Ernst & Young (Financial Due Diligence) and Addleshaw Goddard (Legal). The Company and management team were advised by Zenzic Capital, Liberty Corporate Finance, Blick Rothenberg and PDT solicitors. Financial terms are not being disclosed.
