A fast-growing Yorkshire law firm has raised £250,000 from NPIF – Mercia Debt Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund, to support its next phase of expansion.
Tyr, a commercial law firm based in Leeds city centre, was set up in 2019 by three partners who had all previously worked in ‘big six’ law firms. It now has a 45-strong team including 14 partners and serves a client list ranging from FTSE 100 companies to SMEs and high-net worth individuals.
The funding will provide additional working capital to enable it to recruit new lawyers at all levels, expand its range of services and strengthen its operations and financial team. The firm expects to create at least 10 new jobs in the next two years.
Alistair Kennedy, senior partner, said the firm aimed to provide a bespoke service working in partnership with its clients. “As legal services have become increasingly commoditised, there is a risk that clients feel like numbers rather than valued customers. Our lawyers have experience working in leading practices and dealing with complex cases and focus on providing a bespoke service with a personal touch.
“We also ensure that we give our lawyers the time and space to deliver the best possible service to clients. We are delighted with our growth so far. The funding will help us take business to the next level.”
David Wright of Mercia added: “Tyr has quickly established itself in the marketplace and the partners’ vision has been well received by clients. Having achieved ten-fold growth over the past four years, the partners now have a clear strategy to take the business forward. The funding will enable them to put their plans into practice.”
Keira Shepperson, Director at British Business Bank, said: “Starting your own business is always a challenge, especially in a concentrated sector like the law. The Tyr team has shown others that it is possible to break into a competitive environment and also how important it is to have access to finance to continue growing and meeting clients’ demands. Keeping talent in the North and creating jobs are key goals for the Northern Powerhouse Investment Fund, this round of funding will help contribute to achieve them.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.