AIIC Group, the holding company associated with Taylor Rose, has successfully acquired a 15% stake in its joint venture with GTC Legal, named Taylor Rose Australia, for a transaction valued at $2.2 million AUD. The joint venture, which officially commenced operations in April 2023, is aimed at extending AIIC's legal consultancy model within the Australian market, leveraging GTC's regional expertise alongside AIIC's established framework.
Since the inception of Taylor Rose Australia, the firm has experienced substantial growth, with annualised revenues skyrocketing from approximately $6 million AUD to an impressive $20 million AUD. The number of consultants working under the Taylor Rose brand has similarly expanded from 70 to 170. This rapid recruitment has been fuelled by a steady influx of 5 to 10 new consultant applications each month, indicating a robust demand for the consultancy model.
To accommodate the increasing scale of operations, GTC Legal has transitioned several staff members to Taylor Rose Australia, thereby strengthening the firm's concierge, accounts, and administration teams. Following this trajectory, Taylor Rose Australia now holds the position of the largest consultant-based legal services firm in Australia.
James Stevens, founder and CEO of GTC Legal Group Holdings, remarked: “This partnership has proved to be a model joint venture over the past 18 months. The centralised platform from the UK has been key to how quickly we have been able to scale the business. This has been complemented by our own systems, some of which have now been adopted by Taylor Rose in the UK, including our world-leading practice management software.”
Operating primarily in the personal services sector, Taylor Rose Australia has garnered recognition as the best legal service in the country for two consecutive years, as rated by reviewers on Product Review, Australia's well-known consumer opinion platform. The firm’s social media initiatives have played a significant role in promoting the advantages of the legal consultancy model, a concept that was previously unfamiliar to many Australian lawyers.
Under the legal consultancy framework, lawyers can benefit from a central service platform along with a recognised brand and management support, in exchange for a percentage of their revenue. These consultants are self-employed and typically retain up to 70% of their billings, with the remainder allocated to the consultancy firm.
Adding a technological edge to its recruitment process, Taylor Rose Australia has recently launched an artificial intelligence (AI) agent named “Genesis.” This tool is designed to streamline the recruitment of consultants by conducting initial interviews and scheduling appointments, thereby enhancing efficiency. Future upgrades are anticipated, as Genesis is expected to assist with basic administrative functions, contributing to a more focused administrative team capable of providing advanced support to consultant solicitors.
The Australian legal services landscape is characterised by its fragmented nature, offering a prime opportunity for Taylor Rose's continued growth in this evolving market.
Post-Covid-19, the legal profession in Australia has witnessed considerable shifts in employee expectations, especially regarding the need for flexible work environments. While many firms have adopted a hybrid work model, Taylor Rose's consultancy framework positions it favourably to accommodate these changing preferences, enabling professionals to achieve a healthier work-life balance with reduced commuting times. However, for those consultants who favour an office setting, Taylor Rose provides access to a range of serviced and permanent office spaces in major cities, including Melbourne, Sydney, and Perth. Some consultants have even volunteered their own office spaces, establishing Taylor Rose Australia “hubs” in regions such as Newcastle, NSW, and Gympie, Qld.
Adrian Jaggard, CEO of AIIC Group, stated: “This investment cements a very successful relationship over the past 18 months. Unlike in the UK, the legal consultancy model was largely unknown in Australia when we embarked on this partnership, but we now have a resoundingly successful proof of concept. We envisage making further investments and increasing our stake in Taylor Rose Australia in future to further build scale in a fast-growing market, in addition to further integrating Taylor Rose across both countries.”
Earlier this year, AIIC was acknowledged as the fastest-growing legal and accounting services provider in Europe, according to the prestigious FT 1000 list compiled by the Financial Times. This marks the second consecutive year the group has made the rankings, reflecting its solid performance in the sector.
For the year ending 30 September 2022, AIIC reported a 15.8% increase in group turnover, reaching £97.8 million. Taylor Rose stands as the group's most significant firm, recognised as an innovative top 60 UK law practice predominantly focusing on consumer law across various sectors, including property, private client, family law, and criminal law.
AIIC is also expanding its portfolio through investments in a range of service platforms, such as the prop-tech company SlothMove and KingsleyWood, a consultant-based law firm, showcasing its commitment to reshaping the future landscape of legal services.
Source: Noah Wire Services