Cobbetts' path to administration

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  • Big Mouth. Small Stomach.

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  • I also feel for the trainee Solicitors, not a nice feeling. I am an aspiring lawyer and this news is going to put many law student in fear of what direction to take.

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  • It is very worrying. There are a number of firms out there with a higher ratio of lending to turnover than Cobbetts including the firm I resigned from as an equity partner not so long ago in Yorkshire. It does show that there is considerable risk in high growth strategies supported by too much debt.

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  • Sad for those involved, despite having been on the cards for ages. Sign of the times. Aspiring lawyer : set your sights on either a seriously big ticket firm and be ready to trade away most of the hours of your life for decent pay and reasonable security, or a big player at the bottom end of the market and accept you'll never be paid as much. Your choice. by the time you qualify most of the middle ground will have gone one of those ways.

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  • This timeline seems to miss many, even, of the Lawyer's articles which may be more relevant to the story than some of the above.
    Suing a client over an unpaid bill? Disposing of an associate? Courting a Saudi lawyer as a potential source of work?
    These seem unlikely causal factors along the 'path to administration'.

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  • Mohammed Ali @ 5.33 - it shouldn't put you in fear of what direction to take, it should tell you what direction to take - another one, any one.

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  • I feel for those who have just joined the firm. Taking on NQ's a month is not only unfair on the NQ but also suggest a lot of partners may have been burying their heads in the sand.

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  • I don't know what happens to trainees but they must be better off than the well qualified applicants who have not been able to get training contracts in the first place.

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  • £45M turnover, £323,000 PEP, results "on track" and hiring lawyers a few weeks ago. An interesting example of how a firm that looks fine can still run out of money.

    This should be a warning for other firms. Financial management is not just reporting last months billing - it is looking forward, understanding future cash flows, securing funding. It requires focusing on profitability, dealing with underperformance. Finance is an actual skill - especially in these times. Because before you know it the firm is out of money - and then it is game over.

    Sad for those involved and I wish everyone the best !

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  • Worked for them for years before being made redundant 2008. Fantastic firm to work for until someone became too greedy. Should never have left Ship Canal House.

    It was the beginning of the end for Cobbetts. Sadly the people at fault won't lose out, but some very faithful and loyal employees will.

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