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Quadrant Private Equity invests in LegalVision
Private equity firm Quadrant is taking an ownership stake in LegalVision, an Australian-founded disruptor firm that now operates across three countries.
Jerome Doraisamy
Leading disruptor law firm LegalVision has entered a partnership with Quadrant Private Equity, whereby the latter has taken an ownership stake in the fast-growing international practice for an undisclosed sum.
Founded in 2012, LegalVision has a subscription-based legal services model that caters to start-ups, SMEs, and larger enterprises. Quadrant’s investment and partnership, the firm said in a statement, will position it for further international expansion. Specifically, it will look to further grow its team, technology, and product, further enhancing its subscription model.
LegalVision is perhaps Australia’s most prominent disruptor law firm. It expanded into NZ in October 2020 and then set up shop in the UK in November 2021.
The NewLaw firm, LegalVision founder and chief executive Lachlan McKnight (pictured) said at the time, intends to become “truly global”.
Quadrant, a Sydney-based private equity player, invests in companies in Australia and New Zealand and has raised more than $9 billion. Its investors include Australian and global superannuation funds, investment funds and sovereign wealth funds.
Speaking about the deal, McKnight said: “We’re fully focused on disrupting the large legal services industry and its dominant billable hour model.”
“With our business now well established across ANZ and the UK, we are at an exciting inflection point, and Quadrant’s Growth Fund will help us take our business to the next level with the right backing and investment behind us, particularly at a time where there is growing opportunity to take advantage of new innovations in legal tech and AI.”
The transaction remains subject to regulatory approvals.
The news follows a handful of private equity investments in major Australian law firms in recent years.
In mid-2022, international law firm Wotton + Kearney entered into a partnership with Straight Bat, which took a 30 per cent stake in the BigLaw practice.
The partnership, W+K said in a statement at the time, meant that Straight Bat would assist the firm in delivering on client solutions and growth objectives, as well as bolstering the firm’s position in the insurance market.
Then, in May 2023, national plaintiff firm Slater & Gordon delisted from the ASX following its compulsory acquisition by Allegro Funds, which saw the PE firm acquire over 97 per cent of the firm.
Lawyers Weekly has previously explored whether private equity solutions will become more commonplace for Australian law firms. With economic uncertainty ramping up amid new trade tariffs and a shrinking US economy, such solutions may seem more appealing to firm owners very soon.
Speaking about the deal, McKnight said: “Partnering with Quadrant represents an important milestone in our journey. Our partnership will enable us to accelerate our growth plans and expand our innovative legal services model across the markets we operate in.”
“Quadrant is the ideal partner to ensure LegalVision is well positioned to be a driving force in the legal sector. Looking ahead, this new chapter will allow us to enhance our offering and ensure that our clients continue to enjoy a market-leading experience.”
Quadrant investment director Peter Elkhouri said: “LegalVision is a business we have been tracking for some time – we have been highly impressed by the team and the way they are disrupting the large and fragmented B2B legal services industry.”
“The business now has +4,500 active clients and is growing +30 per cent p.a. with its disruptive technology-driven model. We are excited to be partnering with Lachlan and the team to help further drive growth and awareness of their differentiated offering across Australia, New Zealand, and the UK.”
Quadrant managing partner Marcus Darville said: “The team at LegalVision have built a business model where they can provide on-demand access to a broad range of high-quality legal services to businesses much more efficiently than traditional firms.”
“We are excited to be partnering with this innovative business, and we see a big opportunity to further accelerate growth, particularly in the enterprise and mid-market space.”
As part of the deal, both Elkhouri and Darville will join the LegalVision board.
The investment is Quadrant’s first from its $660 million Quadrant Growth Fund No. 3, which was raised in December.
LegalVision was advised by Gilbert + Tobin and Allier Capital on the transaction, while Quadrant was advised by PwC, OC&C, and Corrs Chambers Westgarth.
A spokesperson for LegalVision told Lawyers Weekly it is not anticipating further investments in the firm.
In June of last year, LegalVision’s head of legal and general manager, Emmanuel Giuffre, appeared on The Corporate Counsel Show to discuss how law departments can streamline high-volume BAU work and focus on impactful tasks without relying on technology.
Jerome Doraisamy
Jerome Doraisamy is the managing editor of Lawyers Weekly and HR Leader. He is also the author of The Wellness Doctrines book series, an admitted solicitor in New South Wales, and a board director of the Minds Count Foundation.
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