Global investment company Investcorp has bought Stowe Family Law, the largest specialist family law firm in the UK, from the private equity group Livingbridge.
Based in Leeds and founded by Marilyn Stowe in 1982, Stowe Family Law has more than doubled in size in the past two years and now has almost 400 staff at 90 offices across Britain, working for 5,000 clients a year. Those clients' fees helped Stowe to generate an annual turnover of more than £37 million to the end of March.
Although the terms of the deal, including the price, have not been disclosed, Investcorp's investment will be used to help Stowe develop its growth strategy, called Stowe 3.0, which aims to expand the client base to 10,000 within five years. Investcorp will also use its considerable experience in building technology-enabled businesses to help Stowe expand its delivery and services.
“We are delighted to begin this next chapter in the Stowe story and look forward to working with the Investcorp team, who share our passion and strategic vision for the firm,” said Ken Fowlie, executive chairman at Stowe Family Law. “With their support and collaboration, we will continue to invest in our business and people to achieve our mission to become the first choice for family law.
“Given Investcorp’s experience, we will accelerate investment in technology, including looking to unlock the power of artificial intelligence to further enhance customer experience and service quality.”
'New partnership'
For its part, Investcorp, which is 20 per cent owned by Mubadala Investment Company, is “pleased to be starting this new partnership”.
“We were impressed by the company’s commitment to build a resilient and scalable business powered by technology, and look forward to working with Ken and the team as they continue on their vision of Stowe 3.0, a true leader in the legal field,” said Gilbert Kamieniecky, Investcorp's head of private equity, Europe.
Much of Stowe Family Law's growth has come from a buying spree over the past few years. In June, Stowe announced it was buying Hawkins Family Law, a boutique firm with offices across London and the south-east of England. Last year, it acquired Crisp and Company, a firm of solicitors with 17 offices across the UK, including one in Manchester. Stowe also snapped up Watson Thomas, a firm of family law solicitors in Hampshire and Surrey.
According to the UK's Office for National Statistics, divorce rates in Britain are falling, with 80,057 divorces granted in England and Wales in 2022. That represents a 29.5 per cent decrease compared with 2021 (113,505 divorces) and was the lowest number of divorces since 1971.
However, experts contend that the drop may be down to administrative issues in 2017 and 2018, and the delays to divorce proceedings brought on by the Covid pandemic in 2021 and 2022, rather than a significant improvement in the durability of British marriages.
According to research conducted by the lawyers Beecham Peacock, 42 per cent of UK marriages end in divorce, and the average length of a marriage is 12.5 years. The shortest marriage on record in the UK happened in 2004 and lasted just 90 minutes, according to Beecham Peacock.
