Legal regulation heavyweights launch advisory consultancy backed by City firm

Two leading figures in UK legal regulation have launched a new consultancy advising law firms and investors on how to adapt as private equity reshapes the profession.

Former SRA executives Crispin Passmore and Juliet Oliver have founded Passmore & Oliver Partners, a London-based advisory firm focused on regulatory strategy, investment and risk management in legal.

Gradually then suddenly

Passmore, who led the SRA’s introduction of Alternative Business Structures (ABSs) and the wider liberalisation of the market, also previously served as strategy director at the Legal Services Board. Oliver, meanwhile, was the SRA’s deputy chief executive and general counsel, overseeing major regulatory changes and previously spent several years as a partner at Fieldfisher.

Their new firm - backed by City law firm Kingsley Napley, where both previously worked - will advise law firms, investors and regulators on issues including regulatory approvals for capital-backed models, regulatory strategy and risk management. The businesses will remain "best friends", continuing to collaborate on client projects.

"Change in the legal market has been happening gradually - and now it’s starting to happen suddenly," Passmore said. "Capital is transforming law firms’ business models in both the UK and the US. Our mission is to help lawyers, investors and regulators understand and harness that change for the good of clients, lawyers and investors."

The firm says it is already advising clients including law firms and investors across the UK, US and Europe.

A growing field

Passmore & Oliver joins a growing field of legal industry consultancies launched this year as investor appetite for law firms accelerates.

Recent entrants include Dejonghe & Morley, founded by former A&O leaders Wim Dejonghe and David Morley, Oakwood Strategy, set up by ex-PwC and Linklaters strategist Greg Jackson, and Taha & Watmough, founded by former RPC and Rosenblatt leaders Jonathan Watmough and Adil Taha.

The trend mirrors a growing number of private equity-backed deals in the sector, including Greenwoods' investment from Gresham House and Montpellier Legal’s backing from listed PE firm Foresight.