Charles Peter and Adele Schofield, directors of Berkson Family Law Solicitors, are buying out retiring partner Valerie Limont using a cash injection facilitated by our expert team at Bathgate Business Finance
We helped the specialist Liverpool family law firm, which was established in the 1930s. to secure £178,000 of funding to buy out a retiring partner and expand its team.
Valerie Limont, a long-standing partner at Berkson Family Law Solicitors is retiring and remaining directors Charles Peter and Adele Schofield have raised the cash to buy out her share in the business.
Ms Limont will remain as a consultant and the Stanley Street-based practice has now recruited six new staff to add to its existing nine-strong team.
Mr Peter said the influx of new staff will strengthen the firm’s brand and reputation in family law, particularly in divorce mediation, and could lead to further growth.
Over the past year Berkson has seen annual revenues increase by 61%.
Charles said: “I expect turnover to increase even more, further down the line. Almost doubling in size is a good start, and if the brand continues to generate, as it has done, we will have to find more people.
“In Liverpool there’s lots of practices who will bury you or buy your house, but most of them are general practitioners, whereas we only do family law, and don’t do anything else. Because we’re niche they wanted to come to us – I can see us being very prominent.”
The firm, which is in the top 20 in its field in the UK, aims to focus more on the professional sector.
Charles continued: “We are trying to attract more private work, and we now have the team that can work exclusively with high net worth divorces.”
To secure the funding we liaised with Mike Buxton at our client’s accountant Mitchell Charlesworth, to facilitate a £145,000 loan through RateSetter over five years, and a personal loan for £33,000 over the same period, through Braemar Finance.