International law firm DAC Beachcroft, which has its largest UK office in Bristol, is set to widen its global presence and introduce new legaltech projects after securing a £65m finance facility from longstanding banking partners HSBC UK and Lloyds Bank.
The firm, which has 19 offices and employs more than 2,600 people across the globe, said the increased finance facility would ensure that its investment and trading plans were not be disrupted by the Covid-19 pandemic. 
It now intends to pursue its ambitious 2020-2021 growth strategy domestically and overseas, with Europe and Asia particular areas of focus over the next six to nine months.
The finance arrangement, which was completed by the Bristol relationship teams at both banks, will also enable it to make key investments in its infrastructure, including driving forward a technology strategy aimed at generating further efficiencies in client service delivery along with developing tools to foster collaboration and support agile working.
It will also use the facility to implement its state-of-the-art practice management system, which is set to launch next spring, and continue to invest in its people by pushing ahead with strategic growth through significant lateral staff hires both domestically and internationally.
Managing partner David Pollitt, pictured, said: “DAC Beachcroft is a financially robust business with an international turnover of £258m and this latest finance facility from HSBC UK and Lloyds Bank has given us additional headroom to progress some of our strategic business objectives.
“Our balance sheet remains strong and this improved debt capacity – even if unused – will give our clients and colleagues further confidence in our business.
“Demand for our services has been steadily growing and being able to continue to meet the ever-evolving needs of our clients, despite the challenges posed by Covid-19 in recent months, is essential to the success of our business.
“The international expansion plans, domestic growth agenda and technological innovations we are pursuing are driven by client demand and will allow us to serve our clients more fully as a truly international firm.”
The two-bank deal was led for Lloyds Bank by relationship directors Stuart Leslie and Andy Hart. Lloyds Bank acted as agent while HSBC UK relationship director David Skyrme and deputy head of corporate banking Thomas Lloyd-Jones facilitated the deal.
Bristol-headquartered national law firm Burges Salmon’s banking partner Rachael Ruane acted on behalf of HSBC UK and Lloyds Bank.
HSBC UK Bristol, Gloucestershire and Wiltshire head of corporate banking James Shepherd, pictured right, added: “Our Bristol team has enjoyed a long-standing relationship with DAC Beachcroft and has seen the firm go from strength to strength, with successive years of across-the-board financial improvement and successful expansion both abroad and in the UK.
“This new funding facility is helping the firm meet its medium and long-term strategic goals, as well as provide the financial bandwidth needed to support any potential impacts of Covid-19. 
“This transaction demonstrates not only our commitment to supporting local Bristol businesses, but the professional services sector across the UK.”
Lloyds Bank relationship director Stuart Leslie, pictured, said: “Like other prudent professional services firms, the management team at DAC Beachcroft has recognised that now is the right time to further strengthen its balance sheet in the face of the current and future challenges. The firm is among those flying the flag for UK professional services in overseas markets and this funding package will also ensure it has the support to capitalise on new opportunities as and when they arise.”
DAC Beachcroft, which can trace its roots through a series of mergers back to 1762, is a broad-based commercial law firm with a strong heritage in insurance, health and real estate.
