Thomson Reuters Divests Hildebrandt Baker Robbins

More details later today, but Thomson Reuters is expected to announce later today that it is spinning off Hildebrandt Baker Robbins -- which will become Hildebrandt Baker Robbins LLC. The new entity is expected to focus on its sourcing practice, infrastructure work, and corporate legal -- keeping about 60 people. Engage will join Elite, and the Hildebrandt Institute and Peer Monitor with remain in the TR fold, within the Business of Law Group. Brad Hildebrandt is expected to also stay with TR.

About 20-30 HBR staff will lose their jobs.

More later.

Update 2:32 p.m.: Here is the official statement from Thomson Reuters:

"Thomson Reuters has announced plans to spin off its Hildebrandt Baker Robbins consulting firm as an independent business. The new firm will be called HBR Consulting, and will be headed by a team of current practice group leaders including Chris Petrini-Poli, one of the firm’s senior executives. HBR Consulting will focus on law firm operations and technology consulting. Its staff includes many former Hildebrandt Baker Robbins consultants who helped position the firm as an industry leader and are renowned for their experience and legal market expertise.  
 
Thomson Reuters also announced that it has formed a legal market research and business analytics unit comprised of certain assets of the former Hildebrandt Baker Robbins. It will include: Peer Monitor, which analyzes and reports on a number of key law firm financial and operational performance factors, and Hildebrandt Institute, which provides law firm leaders with business-critical information, roundtables, and education programming to help them navigate market challenges and compete more effectively. Engage, a software-based tool that helps law firms budget, estimate and manage alternative fee-based legal work, will be aligned with Elite. Brad Hildebrandt, Hildebrandt Baker Robbins founder and a prominent authority on law firm strategy and operations, will continue with Thomson Reuters, supporting senior Thomson Reuters executives and law firm managing partners in an advisory role."

Update 6/20: Here is the link to the full story on Law Technology News website.

Image: HBR Consulting