The Lawyer gets sold for £43m, Skadden and Shoosmiths advise

It's not often the legal press finds itself as the subject of the story, but this week The Lawyer has after being acquired by private equity-backed publishing company Legal Benchmarking Group (LBG) for £43 million.

Skadden and Shoosmiths advised on the deal, which sees listed media group Centaur offload the long-running title.

Founded almost 40 years ago, The Lawyer has become a fixture of the UK legal media landscape, with Centaur’s most recent accounts showing nearly £9 million in revenue last year and a subscriber base that includes 93% of the top 50 UK and US firms in London.

The deal values the publication at a weighty 16x operating profit multiple and is expected to complete in early October.

Behind the deal

London-headquartered LBG specialises in rankings, research and awards for law, tax and advisory firms. Its portfolio includes IFLR, Managing IP, International Tax Review and Benchmark Litigation.

The deal marks LBG’s first acquisition since it was bought by European PE firm Triple in June. Skadden advised Triple on that deal, with Travers Smith and Osborne Clarke also involved.

For Centaur, the sale is part of a strategic review announced last December. The group looks to be doubling down on its core sales and marketing titles such as Marketing Week, Creative Review and Econsultancy, after also selling its MiniMBA online education unit to AIM-listed Brave Bison for £19 million in July.

Advising

Skadden advised Triple Private Equity, led by London office head and private equity partner Richard Youle.

Shoosmiths acted for Centaur, led by corporate partner Nick McCarthy and legal directors Katie Yorke and Laura Gould.

What they said

Tom St Denis, CEO at Legal Benchmarking Group, said: "We are really excited to have The Lawyer join LBG. Their products and capabilities are complementary to what we do at a practice area level, and will enhance how we serve global law firms with differentiated, mission-critical, business of law insight."

Shoosmiths CEO David Jackson said: "The Lawyer has long been one of the most respected voices in the legal world, shaping how our profession thinks about strategy, leadership, and innovation. We’re extremely proud to have supported Centaur Media on this important transaction and to see The Lawyer find a new home within LBG. We wish them every success for the next chapter."