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100-year-old firm merges with boutique
Boutique firm Thornton + King has merged with a 100-year-old firm based in Sydney, in a move the firm has described as a “Cinderella fit”.
Lauren Croft
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NSW-based firm Thornton + King has unveiled a merger with Sydney law firm Miller Noyce Lawyers, which will celebrate 100 years of service this year.
Miller Noyce is the sixth firm that Thornton + King has transitioned into its business model and will leave Thornton + King’s growing team with four offices and more than 35 staff.
This news came after the firm hired a principal and special counsel earlier this month, as reported by Lawyers Weekly. The firm also confirmed it was in conversations with additional law firms wanting a “future succession solution.”
Thornton + King has offices in Balmain, Northbridge, and Tea Gardens, located on the NSW Coast. This merger will bring the firm into Hornsby, managing partner Karunn Shahani said.
“This year Miller Noyce celebrates its 100th birthday. We have a great relationship with the firm. It shares the same cultural values and services, the same consumer and SME lines as our existing business, and so the merger really is a ‘Cinderella fit’,” he said.
“It expands our services into another catchment of Sydney and brings another law firm of exceptional quality into our fold.”
Miller Noyce principal Douglas Spencer OAM, who became a partner at the firm in 1976, said the merger would benefit his team of 11.
“One hundred years is an incredible milestone, and I am proud to have served the community and profession for my career,” he said.
“In making the choice to merge into Thornton + King I want to place my team and our clients with a firm that shares our values, culture, and mission for serving clients with quality legal advice. I have found that with Thornton and King.”
Thornton + King has numerous veteran practitioners in the areas of estates, family law, and litigation, as well as accredited specialists in property law – and Shahani said mergers of this kind can be a good solution for older firms or sole practitioners looking to transition to retirement or succession.
“We’re continually on the lookout for exceptional law firms to acquire or partner with. We excel at putting the right structures in place to ensure a seamless succession plan and a continuity of the firm’s legacy,” he said.
“For many years, there has been ongoing debate about the existence of goodwill in law firm valuations. This controversy, coupled with the question of whether younger lawyers are able or willing to step into ownership roles, has led to a crisis of succession for baby boomer-era law firm leaders. We have found a solution that allows for practices to continue, a transitioning of owners on their terms, and financial rewards for their goodwill, brand, and loyal client following.”
Lauren Croft
Lauren is a journalist at Lawyers Weekly and graduated with a Bachelor of Journalism from Macleay College. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications and Travel Weekly. Originally born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling. She is also a keen snowboarder and pre-pandemic, spent a season living in a French ski resort.
