Insider Media Limited

Shakespeares – the newly branded law firm comprising Shakespeare Putsman, Berryman and Needham & James – is eyeing up other firms and teams across the Midlands as potential future partners, Insider can reveal. The firm's chief executive, Paul Wilson, said he hoped to add "one or two more brands" to the company's bow in the next 12 months.

The firm, which has come together over the last four years, now employs 420 people with annual revenues of £28m.

Speaking to Insider as the company launched its new trading name, Wilson said he expected to see "a significant number" of law firms merging over the next few months as the sector prepares for the much-publicised changes to the alternative business structure

The changes to legislation, dubbed 'Tesco law', will enable non-lawyers to invest and own law firms for the first time.

"Nobody knows exactly how the changes in October this year are going to affect their law firm – it could make life much more complicated," said Wilson. "We need some size and scale to protect ourselves. I think we'll definitely see a significant number of these mergers coming down the track in the next few months."

As well as subsiding any effects from the forthcoming 'Tesco law', Wilson said the merger would give the firm "speedier access to investment revenue and the ability to put more money into buying talent, IT and rolling out our growth strategy".

Wilson said his firm would be looking to find firms to partner across the Midlands and enter the South West market.

"We will definitely be on the lookout for firms on the M1/M4 corridor, then to Leicester, Derby, perhaps Gloucestershire and Cheltenham.

"It's much more likely that we'll be looking for established brands to help us grow, rather than opening new offices with one or two people. It's a very long haul to start from scratch, and the legal market is contracting – the pie is getting a lot smaller."

"We're looking to take on either full firms or teams, and grow substantially over the next 24 months."

Speaking about the company's decision to revert back to one of its heritage brand names, Wilson said it would be "more of a challenge" to market in Berryman's original headquarters in Nottingham and Needham & James' Stratford-upon-Avon client base.

"We came to a natural conclusion after about three months of trying to decide what the new brand should be – but it is one of the most recognisable and famous names in the English language.

"Marketing the firm in Birmingham shouldn't be a problem, as that is where the original Shakespeares law firm was established. However, it will be more of a challenge in the other locations, where clients have a particular loyalty and affiliation with one of the brands."

Shakespeares now operates offices in Birmingham, Nottingham, Stratford upon Avon, Moreton-in-the-Marsh and Shipston-on-Stour.