We are delighted to announce Phoenix Equity Partners has invested in Setfords to support the continued growth of the company.
Our previous investor the Business Growth Fund has sold its stake as part of the transaction.
Following a highly successful year for the business, we welcome Phoenix as our partner in what marks an important milestone in Setfords’ evolution. Phoenix not only shares our ambition and values, but also has tremendous experience in supporting growth companies deliver on their strategic vision.
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. We are delighted to have partnered with Phoenix and we will now work in collaboration to further accelerate growth and strengthen our position as an industry leader.
The investment news follows a hugely successful, albeit challenging, year in the shadow of the Covid-19 pandemic. We have experienced high organic growth with expansion to over 350 consultants, of whom 121 joined during lockdown between March and December 2020. Interest from lawyers in the Setfords consultancy-model has never been greater and Phoenix’s investment will allow us to grow at the rate required to meet demand.
With over 10,000 law firms in the UK country, we have grown from a start-up to become one of the largest national firms in just 10 years. In December 2020 we entered The Lawyer UK 200 for the first time, with a 30% increase in turnover to £17.6 million for the latest financial year, placing us at 152 in the rankings.
In 2020 we also saw the expansion of our support team at our Guildford head office – rising from 70 to more than 100. We saw further success last year as Setfords’ business development team won the Lexis Nexis ‘Best in Field’ Award, having generated millions of pounds worth of additional fees for our consultants in 2020.
We would like to extend a huge thank you to all of our inspirational lawyers, colleagues and staff as our stratospheric success could not have been achieved without you. The pandemic has placed a huge strain on the personal and business lives of many. Yet despite the challenges, we are immensely proud that the Setfords’ model has provided the flexibility our consultants need to work effectively and we are delighted to have seen so many achieve success. With Phoenix’s support we are excited to begin a new chapter in the development of Setfords as we aspire to become the UK’s go-to law firm across all service areas.
Co-CEOs Chris and Guy Setford