Cobbetts seeks buyer as administrators are called in

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  • Anyone have the suspicion that this is exactly what DWF want...to get the best bits out of admin from Cobbetts at a snip and leaving all the creditor behind with a haircut. One wonders how many domino's DWF can eat before it falls over and implodes....

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  • So is there any point in my completing my application? What if a buyer is found?

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  • I was very sorry to read this. I'd had a few commercial property transactions on with them over the years, and always found them very good to deal with. It's sad when the solid firms go.

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  • I wonder if HMRC are going to get paid tomorrow? Any partners with a tax reserve (used no doubt by Cobbetts for working capital) can always file their tax return on a net (cash received) basis if not.

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  • Another firm of wideboy Mancs bites the dust.

    Amazing The Lawyer hasnt spotted that the firm has filed today and is supposed to pay the partners' tax bills tomorrow - a connection in there maybe??

    I wonder if Mike Shaw has already been repaid his capital...

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  • Cash crisis - looming tax liability innit. Somebody in charge of finance has prob messed up.

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  • Awful news for all the staff involved. The 50-75 market is so tight at the moment. There's almost no profit and lots of these firms bought fancy offices in the good times.
    Suspect that Bond Dickinson will take the majority of the Cobbetts staff. They seem to be most similar law firm hiring and opening big new offices at the moment.

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  • Ratio of 2.5 support to 1 lawyer seems unreasonably high. Suspect a buyer will make a deal to buy the lawyers and shed the support - something any tupe arrangement might have restricted.

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  • So much for them being 'futureproof'

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  • So, who is going to be next? Roll up for the runners and riders.

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  • Anonymous | 30-Jan-2013 2:27 pm
    So is there any point in my completing my application? What if a buyer is found?
    None whatsoever. Who is going to read your application anyway? All the HR team will be spending the afternoon filling out job applications of their own.

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  • Really sad news - thoughts are with all the staff. It is deeply worrying to see a decent firm like Cobbetts go under.

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  • Well all the fretting about my vacation scheme application not being good enough (I was still working on it right up to the deadline in 6-7 hours to get it just right) seems pointless now.

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  • This is sad news for a very good firm with some excellent lawyers from junior level up to partner. As an ex-employee, all the best to everyone there.

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  • Anon 4.16... if I had to take a punt I'd bet on serious trouble ahead for the firms around Cobbetts in the UK Rankings. These are the firms that either, lacked the quality to successfully compete with the DWFs and Addleshaws of this world, or who had to take big risks to climb from obscurity.

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  • @4.33pm

    What he/she said.

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  • @4.33pm ditto, long term the people involved should be fine but must be horrendous at the moment, they trained me well and were a decent firm, not sure which wideboys are being referred to, there are always one or two in a firm but generally Cobbetts had class

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  • As another Cobbetts ex-employee, my thoughts go out to my friends left there now. I met some excellent people there and there was fine work to be had. Really enjoyed working there and left with no bad blood whatsoever.
    Let's hope that the employees are properly looked after in the transfer of the business to whichever law firm snaps it up.
    All the best, my friends.

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  • This is capitalism gone mad. Partners take out over 300k don't pay their tax and workers all lose their jobs. What difference between this and a Ponzi scheme?

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  • A sad day and this is a sign on just how difficult the last few months have been for firms up and down the country.

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