The Barrister Group (TBG), which is the umbrella group for Clerksroom Chambers and Clerksroom Direct, has become the first chambers to secure private equity backing, with LDC investing an eight figure sum for a minority share.
Christina Blacklaws, non-executive director of TBG and former president of the Law Society, said: “Many may ask why LDC has chosen to invest in TBG. This isn’t only an investment in a barristers’ chambers. It’s an investment in legal technology, an investment in opening up the profession to a wider pool of talent and an investment in access to justice whereby instructing solicitors and members of the public can access counsel quickly and efficiently. It’s also an investment in an alternative way of working at and with the Bar which allows greater choice for a profession whose wellbeing is a common cause of concern.”
Supported by its proprietary Chambers365 management software, TBG gives barristers choice over their working patterns and operates on a remote basis without the need for a physical chambers.
Welcoming the investment, Stephen Ward, co-founder of TBG, said: “Since we began back in 2001 as Clerksroom we’ve wanted to make a difference to the way the Bar operates. The traditional chambers model has its place, but might not be for all barristers. Our technology and our model offer many advantages that other chambers may not be able to match. We are building the Bar of the 21st century and LDC’s experience of building tech-enabled services companies will help us take the next step in making that happen.”
LDC’s investment was led by investment directors Oliver Schofield and Stefan Gunn and investment manager Alex Knox.