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Solicitors Own Software (SOS), providers of legal practice and case management software and services, has undergone a management buy-out by the current executive team following the planned retirement of founder Michael Platt. The financial details of the MBO were undisclosed.

The buy-out was led by former sales & marketing director and newly appointed managing director David McNamara together with Keith Denman, Elaine Gavin, Graham Colbourne and Stephen Parry.

Platt said: “I firmly believe that this is the best outcome for clients and staff in terms of continuity of service, on-going product development and maintaining choice in the market. I am leaving SOS in the safest hands.”

McNamara added: “There has been widespread consolidation of software suppliers through recent mergers and acquisitions. We believe that many law firms will be let down as some legal software will inevitably be dropped and law firms will be forced into the direction that they don’t necessarily want to take.

“Our MBO ceases any speculation that SOS clients would suffer a similar fate and that they can look forward to continued high levels of service and innovation in the years to come.”

Saffery Champness Corporate Finance acted as lead adviser to the management team, with its team being led by Bristol partners David Lemon and David Wragg. Lemon said: “The buy-out leaves the business in safe hands and its management in a strong position to build on its excellent reputation amongst legal industry practitioners.

“Several factors, such as managing the competing demands of what was a relatively large number of shareholders for an SME made this a challenging assignment,” Lemon added. “So it was satisfying to have been able to bring the deal to a successful conclusion and to have accomplished that to timetable.”

Target Chartered Accountants acted as tax adviser to the vendor. Advice was provided by the specialist transactional tax team, led by Paul Morris, director, with Amy Goold, senior tax consultant.

The team’s role included assisting the vendor and management team on the deal structure, including key commercial and tax considerations. Morris said: “The structure of the deal was imperative particularly in light of the proposed changes to the capital gains tax regime. The deal structure will provide a sound platform for the anticipated future growth of the company.”

Other advisers included Chadwick Lawrence LLP. The team was led by Steven Bonfield, partner, and assisted by Emma Spragg, solicitor.

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