Some numbers:
Item 2.01 Completion of Acquisition or Disposition of Assets.
On March 1, 2011, pursuant to an Instrument of Assignment, LECG Corporation and LECG Partners LLP, which provides attest services under an alternative practice structure, transferred certain assets of their U.S. tax, consulting and business advisory, and assurance practices of its Consulting and Governance business segment to Grant Thornton LLP.
In conjunction with this transaction, approximately 33 managing directors of LECG, and substantially all of the client-serving employees and administrative staff serving under these managing directors, became employees of Grant Thornton. As consideration, Grant Thornton paid LECG $6.325 million, of which $5.775 million represented $175,000 per managing director that joined Grant Thornton.
A non-binding letter of intent dated February 25, 2011 between the parties contemplates additional, related transactions, expected to close in the immediate future. LECG expects to sell LECG’s account receivables and work-in-progress attributed to the above-referenced practices to Grant Thornton and to sell LECG’s U.K.-based consulting and business advisory practice to Grant Thornton or Grant Thornton’s U.K. member firm. When consummated, these transactions will represent the divestiture by LECG of a substantial part of its Consulting and Governance segment.
This transaction does not cover LECG’s other European practices, which include economics consulting, forensic accounting services and tax services.
