Updated: Jul 1, 2019
Unique global ALSP business targeting revenues of £100m
Eversheds Sutherland is pleased to announce the launch of Konexo.
Konexo will become the trading name of its current advisory, interim resourcing and managed service offerings. It will act as a global alternative legal service and compliance provider, servicing global clients from its current teams in Europe and Asia. It will offer clients a unique, 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
corporate secretarial services - HR services
Konexo will consist of three, well-established and fast-growing Eversheds Sutherland teams. Already a thriving £40m business revenue from the three teams (ES Consulting, Corporate Secretarial and Volume Insolvency) grew by 38% last year and won and delivered the single biggest matter for the International business in FY18/19.
Unique in the market due to the breadth of its services and global offering, Konexo has a strong reputation for being tech-led with its cutting-edge robotics and AI. Konexo’s legal managed service product line is led by a team of tech professionals rather than lawyers.
Konexo is a division of Eversheds Sutherland. Going forward, 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.
Commenting on the announcement Lee Ranson, Co-CEO, said, “Clients are increasingly asking us for alternative solutions to enable them to better deal with the changing legal landscape. I am confident that Konexo can meet these needs. We have a bold and ambitious plan to accelerate Konexo into a £100m business, driven by our strong track record to date and the opportunity offered by the growing £10bn global Alternative Legal Services Provider (ALSP) market.”
Mark Wasserman, Co-CEO, commented, “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.“
Partner Graham Richardson, Head of Konexo, added, “I am proud to be leading Konexo, and to be able to bring together three long-established teams to build a unique, market leading business. 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.”