Eversheds Sutherland's £100m ambition

Firm launches Konexo, a global tech-led ALSP business, targeting revenues of £100m with plans for the US by year-end.

Konexo team: David Saunders,Graham Richardson, David Boyd Eversheds Sutherland

Konexo will become the trading name of the current Eversheds Sutherland advisory, interim resourcing and managed service offerings.  It will act as a global alternative legal service and compliance provider (ALSP), servicing global clients from its current teams in Europe and Asia. 

Bold ambitions

The new business will offer clients a fully managed service including a consulting arm, financial services compliance and remediation services alongside more traditional contract legal services. Key services offered include legal managed services, financial services consulting and remediation, legal resourcing, corporate secretarial services, and HR services. Konexo will consist of three, well-established and fast-growing Eversheds Sutherland teams. Already a £40m business, revenue from the three teams (ES Consulting, Corporate Secretarial and Volume Insolvency) grew by 38 percent last year, and won and delivered the single biggest matter for the International business in FY18/19. Konexo boasts a strong reputation for being tech-led with its cutting edge robotics and AI, and its legal managed service product line is led by a team of tech professionals rather than lawyers. Commenting on the announcement Lee Ranson, co-ceo, said “We have a bold and ambitious plan to accelerate Konexo in to a £100m business, driven by our strong track record to date and the opportunity offered by the growing £10bn global ALSP market.” Mark Wasserman, co-ceo, added “This is an excellent step forward and will be welcomed by the US market.  Our intention is for Konexo to be present in the US by the end of 2019.“

Tech-led approach

Konexo is a division of Eversheds Sutherland, but the current intention is to move this business into a new corporate structure which will include an alternative business structure (ABS) and a separate Financial Conduct Authority regulated vehicle into which the volume insolvency team of Eversheds Sutherland (International) LLP will be transferred. The new structure, whilst preserving Konexo’s close connection with Eversheds Sutherland, will give it the flexibility to access external funding and consider JVs and acquisition opportunities to support and accelerate its ambitious growth plans. Aligned with Konexo’s tech-led approach, it has created a new role of head of technology & transformation to drive fast, profitable growth.  It will also shortly be adding specialist, tech knowledge and experience through an external Advisory Board and the appointment of NEDs. Partner Graham Richardson, head of Konexo, said “Intelligent analytics, automation technology and innovative operational processes are at the heart of what we do and this will play a critical role in driving Konexo’s future success.”

Find attached a photograph of Konexo’s management team: David Saunders, Partner; Graham Richardson, Head of Konexo; David Boyd, Partner.

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