Drawings outweigh profits at Lawrence Graham

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  • Ouch. These figures don't make for comfortable reading. I can see why LG would be looking to consolidate with another practice, share space and save costs. On the face of it, FFW would make sense given it is looking to move locations. Perhaps LG is now turning it's attention to alternative players also looking to move premises to help mitigate the exposure to lease costs?

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  • Serious stuff. Where is the money for extra drawings coming from in the absence of cash reserves? Capital contributed, LLP loans, the sale of assets?

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  • I think the question has to be asked by existing partners and staff is whether this is really a firm worthy of my practice - surely no one could confidently predict that LG will remain in its current state for very long. I also wonder whether they have the management expertise required to steer the ship through pretty stormy waters?

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  • Isn't the solution to this problem (and it's not unique to LG, but all firms to some extent) for law firms not to set up shop in fancy, expensive offices in the most attractive parts of the most expensive cities in the world?

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  • Yes and in addition to not setting up shop in an expensive office, perhaps devoting a whole floor of that expensive real estate to being an underused staff cafeteria was perhaps a step too far?

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  • Surely these guys are speaking with DWF?

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  • They must be in talks with other firms. Guaranteed someone else will swoop in and save the day, just like the Cobbetts deal. Just the same, I agree with that other poster - why would they spend so much on their premises? Of course, they aren't even in the most expensive part of town - their in some no-man's-land next to London bridge. No other law firms are there; they all want to be in the city where clients expect them to be.

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  • So then john smith - where do you think Norton rose are? Are you not also forgetting where PWC and ernst and young and terra firma are based? ShowingyShowingyour ignorance much?

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