Leading costs firm Kain Knight has begun its plan to consolidate the market by acquiring Quantum Costs.
London-based Quantum is a chambers-style business set up in 2005 by former barristers’ clerk Nicholas Clark, who has a network of 10 costs lawyers around the country. It also has a Liverpool office.
Quantum, which mainly handles insurance-based work but some commercial as well, will continue to trade under its own name for the immediate future and maintain its network of lawyers. Mr Clark will remain with the business and also take on a business development role targeting high-value commercial work for the Kain Knight group.
Last month new Kain Knight chief executive Peter Petyt unveiled plans to grow the firm from a £6m business to one with a turnover of £12m-15m through five or six acquisitions.
Mr Petyt said Mr Clark’s “expertise, dynamism and contacts adds considerably to the strength of our London team”.
He added: “Quantum Costs is the first in a series of acquisitions Kain Knight will be looking to make around the country. We believe, post Jackson, that only the very largest firms of costs lawyers will thrive in this new marketplace, therefore we are firmly on the acquisition trail.”
Mr Clark said the shift in the costs market away from personal injury and towards budgeting meant he wanted to be aligned with a practice that could deal with heavyweight commercial litigation.