The New Practice (TNP) acquires Adebiyi Tax & Legal, Collaborates with Andersen Global.
The New Practice has acquired the tax practice of ATL, a leading tax disputes resolution law firm.
In a recent announcement, Lagos-based commercial law firm, The New Practice [TNP] announced the acquisition of a tax law firm, Adebiyi Tax & Legal (ATL) Nigeria’s tax practice. The press release from the TNP’s website reads as follows:
TNP is pleased to announce its acquisition of Adebiyi Tax & Legal (ATL) Nigeria’s tax practice, with effect from 1st March, 2020.In addition to its impressive track record of resolving tax disputes on behalf of its numerous clients, which include multinationals and local blue-chips, ATL has obtained several landmark tax judgments that have effectively saved clients billions of Naira worth of tax liabilities.
Below is an image bearing the press release from TNP:
Furthermore, you can read the press release from the TNP website here.
Our Analysis of TNP’s new acquisition of ATL law firm’s tax practice
Looking at this from a marketing/business development angle, the news by TNP is one to be embraced and deeply scrutinized by law firm managers, senior-level partners and practice developers.
Today’s law firms are deeply interested in gaining more market share, building visibility, collaborating with other (local and international) law firms, all to improve their long-term profitability. Law firms of today are also interested in becoming more competitive and better positioned to service their clients across various sectors of the working business economy.
“Because of this need to become competitive and gain stronger long-term advantage and market share, law firm managers and partners often sit at the round table and draw up strategies on how best to stake their claim and gain a strong share of their target market,” says Kingsley Ani, head of legal research and business development, Kabbiz.
“Our law firms now tend to do the things and develop practice models that will better fit their business development strategies, and if it is through law firm mergers (prime example, Aelex law firm), acquisitions (The New Practice and their acquisition of Adebiyi Tax & Legal), or international practice memberships of local actors acting for foreign law firms in their home jurisdictions due to practice limitations and regulatory differences (prime example, Olajide Oyewole LLP becoming a local member of DLA Piper Africa).”
It should be noted that The New Practice has recently collaborated with Andersen Global, a leading specialist tax advisory Swiss Verein with their Nigerian operations operating as Andersen Tax LP.
Andersen Global cited their collaboration with The New Practice as a way to increase the organization’s “global footprint in Africa and strengthening its presence in Nigeria”.
“We are driven by the firm belief in doing things better and exploring new ways to deliver results and solutions to our clients, which is why we feel so strongly about our collaboration with Andersen Global,” Baba Alokolaro, TNP’s managing partner, is quoted as saying in a press release.
Like we earlier pointed out, this new acquisition of the tax advisory practice of ATL and their collaboration with Andersen Global has strengthened The New Practice’s core positioning for tax offerings in their target Nigerian market, with enough elbow room to cross-collaborate for cross-border work due to their alliance with Andersen Global.
We do hope more Nigerian law firms develop stronger positioning strategies to enable more strongly compete.
ABOUT THE AUTHOR
Kingsley Ani is a corporate lawyer and heads Kabbiz’s external legal research efforts.
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