A Glasgow law firm founded by a human rights activist who won the release of persecuted Jews from Russia has been taken over by a bigger player with headquarters in England.
TLT has acquired commercial property specialist Leslie Wolfson & Co in a deal that reflects confidence in the prospects for the market in Scotland.
The deal comes two years after the death of Leslie Wolfson who founded the business that bears his name in 1955.
Mr Wolfson achieved renown after taking on the Russian legal system and the KGB during the 1970s and helping hundreds of Soviet Jews relocate to the West.
Read more: Leslie Wolfson lawyer and human rights activist
The law firm he launched has gone on to act for investors, banks and tenants on property deals and to provide private client and litigation services.
The four-partner firm lists property heavyweight Town Centre Securities and phone giant Carphone Warehouse among its clients.
On its website, Leslie Wolfson notes recent transactions have included covering the Scottish property aspects of the acquisition of the business of The Handmade Burger Company by a private investor, securing the future of 20 restaurants.
TLT, which has headquarters in Bristol, said the acquisition of Leslie Wolfson would boost the firm’s capability in Scotland and bolster its UK real estate offer.
“In particular, the move expands the firm’s services for corporate occupiers, developers, banks, investors and public bodies, as well as its work advising on the property issues facing retailers and leisure operators,” said TLT in a statement.
Head of real estate Maria Connolly added: “The UK real estate market remains resilient in spite of some of the wider economic challenges and we are continuing to build our expertise across the UK to support our clients with opportunities in the market.”
TLT gave no details of the terms of the acquisition or of Leslie Wolfson’s fee income.
Three of Leslie Wolfson’s partners will join TLT, led by senior partner Howard Beach, along with five other employees.
A spokesperson for TLT said Leslie Wolfson partner Alan Carlton is retiring. Three employees are being made redundant.
The takeover follows a series of deals in which Scottish law firms have surrendered their independence to others based outside the country.
Read more: Anderson Fyfe in £48m strategic merger with TLT
TLT entered Scotland through a merger with the smaller Anderson Fyfe business in 2012. Scotland’s McGrigors and Biggart Baillie merged with Pinsent Masons and DWF respectively the same year.
Mergers can make it easier for smaller players to compete and to fund the investment required to keep information technology systems and compliance functions up to date.
Mr Beach said: “The move enables us to more effectively support our existing clients by drawing on the expertise of a full-service UK firm with on-the-ground expertise in all three UK legal jurisdictions.”
A Strathclyde University law graduate, Mr Beach joined Leslie Wolfson in 1981 and became a partner in 1986.
He and Leslie Wolfson’s Andrew McCowan and Donna Strong have become partners in TLT, which increased fee income by 10 per cent, to £82m, in the latest financial year.
TLT employs more than 1,000 people across the UK and has around 130 partners.
Read more: Edinburgh law firm completes UK merger
John Paul Sheridan heads the Scottish operation.
The firm has made lateral hires in Scotland this year, including clean energy real estate partner Nick Shenken from Pinsent Masons.
Mr Wolfson was born to parents who were immigrant Jews from Russia and grew up in Pollokshields, Glasgow.
Educated at the High School of Glasgow he started to study accountancy before turning to law after national service. In 1978 he and his wife set up the Alma and Leslie Wolfson Charitable Trust.
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