Categories:Private Client

Dawsons and Penningtons set for imminent merger

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  • What a truly uninspiring merger this is. It looks like Penningtons are just trying to bump up their turnover by this acquisition, but the quesiton is whether Dawsons can hang onto existing partners and staff. Does anyone know if there are any lock-in agreements in place?

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  • @Dawson's Creek

    You are a headhunter and I claim my 10 pounds.

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  • To be fair to Penningtons, they finally got their act together by appointing David Raine as the firm's managing partner. Having worked at the firm, I know David and he is a really switched on guy. He knew the firm had to be of a certain size and he has gone out to deal with this. There won't be many good candidates in London and I think he has done well here.

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  • how on Earth is getting together with another struggling firm going to be a good idea for Penningtons? And merging to just to bump up revenues and add on a few partners? That just means higher overheads for Penningtons' partners but no guarantee PEP will rise. If the market doesn't pick up in the next financial year it could kill off the whole, over-burdened new entity taking the legacy Penningtons partners with it.

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  • David R. is a great guy and has made the best of a bad job. But as @superdry points out, the combination of two strugglers is unlikely to make one star. I bet they had a fight over the name : use yours. No I insist. Use yours....

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  • From the comments of the previous writers I wonder how many of them have run a law firm or understand the pressures? Perhaps, if rather than trying to make funny (sic) comments they focused on the real facts of two firms trying to suceed, then their comments might have some value.

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  • Well said Super Dry, there are no guarantees! I'm less sure about it substantially increasing overheads however as presumably one of the drivers for the deal is to take on the additional revenue without much by way of cost other than the direct costs of the partners and some staff. Seems to me like it could be quite an astute move by Mr Raine.

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  • Dear Anonymous @ 3.13pm (is it Raine or Codd?)
    Two moribund firms merging is hardly a strategy for success...

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  • I suspect (very strongly) that Super Dry is one of the aggressive head-hunters that have been plaguing Dawsons and who is now in danger of losing a fee from one of his partner candidates. Oh, I feel so sorry for you.

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  • Dear Anon at 3.13pm.
    "[former chief executive] Ward was succeeded by Mark Dembovsky in March last year, but the latter has since left".
    Doesn't sound positive if the old CEO left and made a claim against the firm and then his replacement did not even last a year in the job. Who is really managing this place?
    Did someone say anything about lock-ins? Is there anyone left to lock in save for the man left to turn off the lights

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