Travers Smith and Squires advise as PE backs law firm Higgs

Travers Smith and Squires played key roles on August Equity’s investment in regional law firm Higgs, the latest sign of private equity’s growing foothold in the UK legal sector.

Bigger picture

Midlands-based Higgs is a strong local player with a 150-year legacy and over 250 staff - it posted revenues of around £20 million in its most recent accounts.

The firm has already completed two small acquisitions in the past 18 months, adding Lewis Onions in 2024 and M R Timms earlier this year, and says it will use the new funding to develop existing talent, expand its headcount and pursue further M&A opportunities.

For UK-based mid-market PE house August, the move comes shortly after its successful backing of accountancy firm AAB. After taking a stake in 2021, August helped AAB grow threefold to more than £100 million in revenue before announcing its exit to Goldman Sachs’ investment arm in July (AG and Linklaters advised on the sale).

The Higgs deal is the latest sign of private investor interest in law firms gathering momentum. Activity is already reshaping the UK mid-market, with PE-backed groups such as Lawfront pursuing roll-up strategies, while private equity houses and litigation funders like Burford Capital continue to circle the sector.

What they said

Nick Taylor, managing partner at Higgs, said: "We are delighted to partner with August Equity as we embark on a dynamic new phase of growth. Their backing enables us to expand our services, add resources, embrace innovation, and enter new regions in a rapidly changing legal market - all the while remaining dedicated to delivering legal excellence for our clients."

Advising

Travers Smith advised long-standing client August Equity, led by private equity partner Emma Havas with assistance from tax chief Russell Warren.

Squire Patton Boggs acted for Higgs. The team included corporate partners Andrew Slucky, Julian Thatcher and Ben Squires as well as tax partner David Nisbet.