Smedvig Capital backs legal services firm

London-based venture capital firm Smedvig has invested in the English probate provider Kings Court Trust in a deal facilitated by the "Tesco Law", according to reports.

The Alternative Business Structure (ABS) – nicknamed the Tesco Law because it paved the way into legal services for large, non-legal corporations like Tesco – allows non-lawyers to take over or invest in law firms.

In October 2011, Palamon Capital Partners acquired the UK-based law firm chain Quality Solicitors, marking the first acquisition of a legal firm by private equity since the introduction of ABS. 

More recently, Hamilton Bradshaw injected capital into commercial law firm Knights Solicitors in July 2012. 

The investment is Smedvig's second in the legal services sector. In 2005, it invested £6.8m in myhomemove, a conveyancy provider.

Smedvig was not yet available for comment.

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