Too much, too soon? Linder Myers' acquisitive path to administration

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  • The fundamental problem as I see it with the sale of the whole of Linder Myers is, who is going to be big enough to do it? Unless there is a white knight out there with lots of money, it's got to be a top 100 firm or an ABS with access to a lot of cash. I think we can discount the Co-Op on the latter! It seems to me that when top 100 firms merge or take over, that they do it up or sideways. They might acquire a small specialist planning or tax practice to give them some more expertise (up) or they take over another insurance practice to give them more clout (sideways). I can't see anyone with the capital to make it all work being interested in a failed agglomeration of failed firms and quite ordinary High Street practices. All you would be getting it a lot of little clients who have little loyalty to the new mega firm and might well prefer another solicitor in the same town whom they know well.

    I suspect a break up into manageable chunks is going to be the only viable option.

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  • Lawyers are bred with Hyena mentality so they won't acquire hopeless firms but simply pick off the deserting rats. Firms like Ward Hadaway are the ideal place for ex incumbents who will go over the line - in a similar environment too...

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  • You mention 'however, without a cash injection to ease the legacy firms cash flow problems....'. How do you know this didn't happen and these funds were miss managed? or used to pay tax by the existing partners?

    What would your opinion be if each partner of these 'merger' firms were strong armed into becoming 'equity partners' within LM?

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  • #intheknow spot on. Sounds like LM may have been the equivalent of a Ponzi scheme. Now HCB are doing exactly the same. Just look at LM accounts. WIP is 75% of turnover. This looks to have been mismanagement for years and now it has all collapsed. How could any firm buy the conglomerate of failures without turning into a failure itself. It should be broken up and sold piecemeal.

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  • If the dates reported are correct then LM have until 20th Feb to get something sorted out. This really means selling the whole business, and I can't see how this is viable. I suspect that it will end up splitting back into its component parts. I hope that the better people there won't end up being dragged down by the activities of some of the others.

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