PRINT THIS PAGE Lyceum targets investments in legal services sector, hires three06/03/2008. Source: AltAssets. 
UK mid-market private equity firm Lyceum Capital is targeting investment opportunities in the legal services sector, which should arise from the Legal Services Act 2007. The firm has established a new legal industry advisory board and recruited Tony Williams, Paul Hewitt and Professor Richard Susskind, OBE to the board. The Legal Services Act will enable law firms to secure private or public investment and will permit non-lawyers to compete in the provision of legal services - together with or separately from legal professionals, Lyceum said.
Williams was managing partner of Clifford Chance from 1998 to 2000, undertaking the substantial reorganisation of the firm and completing its mergers with Rogers & Wells in the US and Punder in Germany. He then became managing partner worldwide of Andersen Legal and head of its UK practice. In 2002, Tony established Jomati Consultants, international management consultants to the legal profession.
Hewitt is currently chairman of YSC, senior non-executive director of the Kiln Group and a non-executive director of Co-operative Financial Services and GMT Global Aviation. Previously, he spent four years with the Co-operative Group, latterly as deputy group CEO.
Professor Susskind is an independent adviser to law firms, in-house legal departments and national governments.
Lyceum managing partner Jeremy Hand said, 'The legal services market is large, fragmented and offers considerable potential for continued growth - all characteristics of the sectors in which Lyceum has been successful. We anticipate consolidation of small and mid-sized legal services businesses and believe that, in spite of increased professionalisation of the legal industry in recent decades, many opportunities remain to improve service standards, efficiency and profitability.
'Although the Act does not come into full force until 2011, now is the time to build the early businesses that will have first-mover advantage when the Act's changes come into effect in three years' time, Hand added.
Lyceum recently closed its Lyceum Capital Fund II fund - the first fund since the team's May 2006 MBO from WestLB - on £255m.
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