Legal PR experts help tell dynamic legal merger between successful firms
THE PSM Law Group has cemented its reputation as one of Scotland’s most exciting legal firms by merging with another successful practice.
A deal with Falkirk-based MooreMarshall follows a year of impressive growth and success for PSM, which has won multiple awards and risen into the top five property firms listed by the ESPC.
The company’s projected turnover as a result of the merger is expected to exceed £4million, while the deal has also helped PSM reach another landmark – it now employs 100 staff.
MooreMarshall has been running for four years and founders Norrie Moore, 47, and Kenny Marshall, 40, have now joined the board at PSM. Their five full-time and two part-time employees will continue to work from the firm’s offices on West Bridge Street, Falkirk.
As part of the merger deal the Falkirk office will be known as PSM-MooreMarshall. However, after a year it will convert to the PSM Law Group, while all estate agency work will be carried out under the firm’s high profile Hunters-psm banner.
Michael Maloco, Vice Chief Executive of the PSM Law Group, which has offices in Edinburgh and Dunfermline, said the merger was an excellent business opportunity for two firms leading the way in the development of legal IT and software.
He added: “At PSM we have built our success, our growth and our reputation on combining the best of new technology with the best of traditional practices. That is what has helped us move forward at such a dramatic pace.
“Although much smaller, it was clear that MooreMarshall had developed similar IT platform and shared our IT vision. That meant the fit between the companies was perfect in terms of ambition, working practices and geography.”
Moore and Marshall were both partners at Robert Carty & Co in Hamilton until setting up their own firm in 1999. Both men said they had looked to PSM’s successes as they built their own thriving practice, which handled 120 conveyancing transactions per month and achieving a turnover of £450,000 a year.
However, they acknowledged they faced the same problem as most small businesses, in how to achieve sustained growth to build a much bigger company, without fatally overextending.
Norrie Moore added: “We were building towards full online access, but that requires some extremely expensive software and we simply weren’t big enough to justify it.
“At the moment we offer domestic conveyancing, but not with online case access or tracking. Nor do we offer estate agency, wills or executries and wouldn’t really be able to call ourselves commercial property lawyers.
“These are all things we will now be able to offer to clients from now on. It is very exciting to suddenly be working with the kind of technology we have spent so long aiming for.”
PSM’s award-winning technology has helped fuel dramatic business growth, catapulting it from a rural legal practice to on one of the UK’s leading online conveyancing experts.
Dozens of major lenders and financial institutions – including 18 High Street names – use PSM Onlline for their volume conveyancing and the firm now processes more than 3000 cases a month in England, Wales and Northern Ireland, as well as Scotland.
On a local level it deals with more than 1300 conveyancing cases every year through its Hunters-psm offices in Edinburgh and Dunfermline – with the MooreMarshall merger offering lucrative expansion into the Central Belt. In the year to January 2004 Hunters-psm achieved total property sales worth £71.5 million.
Both institutional and individual clients benefit from PSM’s groundbreaking technology, which offers clients 24-7 access to their case files via the internet. Customers no longer have to wait for letters informing them of case developments, they can simply log on, using a secure password, and view their case details online. They can also be informed of developments via email or text message.
Commitment to technology has seen PSM win dozens of awards – most recently a week in March saw them collect an International Business Award in New York and a Fife Business Award in its own backyard.
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