David Beech, CEO of listed law firm Knights, joins the podcast to discuss how he has built one of the UK's largest regional legal businesses since buying the firm in 2012.
He explains why Knights has prioritised people and cash over traditional law firm metrics, how the business has grown through almost 30 acquisitions, and why he believes law firms should separate ownership from management.
David also shares the thinking behind Knights' distinctive strategy. He discusses why the firm has no fee targets, why it manages through regional leadership rather than practice groups, and why culture is the first consideration when assessing acquisitions.
The conversation explores external investment in law firms, drawing on David's experience of private equity backing and taking Knights public in 2018. He reflects on what it is like running a listed law firm, why he believes corporatisation is the long-term direction of the legal industry, and why minority investment may prove a more natural model for traditional partnerships than outright buyouts.
Chapters
00:01 Introduction
00:50 Building Knights into the UK's largest regional legal business
05:47 Why people and cash matter more than fee targets
15:44 Rainmakers, culture and leading a collaborative law firm
21:34 Why Knights has no ambition to open in London
24:03 The acquisition playbook behind nearly 30 deals
33:58 Lessons from private equity and taking Knights public
38:42 Why more law firms won't follow Knights onto the stock market
42:44 The future of external capital in the legal industry
