News UK Business Leadership Law firms Freeth Cartwright remains optimistic about debt levels By The Lawyer 10 October 2010 00:00 17 December 2015 15:54 Sign in or register to continue reading. It's FREE Sign in Email Password Keep me logged in Forgot your password? Not registered? It's FREE! Register now Register with The Lawyer Anonymous 11 October 2010 at 12:46 Is it A to push the figures up with premature billing or B poor billing practice If it is A, they will almost inevitably accelerate the payment of tax , and dependant on their average payment days, increase their VAT liability If it is B, no wonder they need the level of over draft facilities referred to in the Article Either way it does not speak well of the quality of management of the firm as cannot see any other sensible explanation Reply Link Anonymous 12 October 2010 at 18:26 Eek! The next Halliwells? Reply Link Anon 12 October 2010 at 19:33 Didn’t Halliwells also go through the stage of being “not concerned at all about [their] position”? Reply Link Anonymous 13 October 2010 at 11:24 They can continue to trade until July 2011 because their Bank allows them to ! The Partners drawings are presumably funded by the overdraft . They should turn their attention to debt collection of their unpaid bills. Reply Link Former Trainee 13 October 2010 at 12:27 It does not surprise me that Freeths is on the verge of crisis. For way too long the firm has ignored business rationale when making key decisions. When I was a trainee, people used to joke about trainees being chosen because of the colour of their hair or inappropriate people being kept on because they were in a relationship with a partner. However too many of those decisions brings a firm down. Reply Link Anonymous 13 October 2010 at 15:58 It is no surprise that Freeth Cartwright are unsure about their future…too many people making few good decisions… Reply Link Anonymous 14 October 2010 at 08:43 Jam tomorrow springs to mind………………… Reply Link Anonymous 14 October 2010 at 11:51 They must be very unsure about the Company’s future, it’s one redundancy after another, when will it stop!?! Reply Link Anonymous 14 October 2010 at 23:25 I think many many more law firms must close. There are too many. I dont understand why they keep training more and more when there is no demand Reply Link Alexander 19 October 2010 at 10:23 Freeths are a highly ambitious firm who embarked on a strategy of growth a few years ago. I greatly enjoyed my time working there and believe the management are more than capable of making the firm into a major regional player. During a period of great change there will always be challenges but I believe in the long term plans of the firm. Reply Link Anonymous 19 October 2010 at 16:37 they don’t seem 2 have heard of KPI’s, unless they think they are nuts they have with their cocktails Reply Link Anonymous 19 October 2010 at 20:03 To the above comment by Alexander. It does matter how good the firm is, if the work has dried up then the debt is no longer servicable. It’s a matter of economic not the quality of the firm. Now that cuts are going to be made, money is going to be withdrawn from the economy so the chance of gaining work is diminished. Reply Link Anonymous 20 October 2010 at 22:44 I knew things were looking bad last year when I saw the partners in the corporate dept wearing polyester suits. Reply Link Albino 24 October 2010 at 20:34 The all singing all dancing Freeths Corporate partner has been decked out in polyester suits for years. Reply Link Anonymous 22 November 2010 at 05:55 Contrary to most of the views expressed on here, Freeths has been run, both on the day to day level and strategically, by accountants, not partners for a very long time, and they do it very well. As a former long-term employee I know from experience that the firm is highly focused on interim billing and cashflow, although as Peter suggests in the article it’s impossible to eradicate lawyers’ tendency to save a lot of their fees up for the year end. I have no doubt that Freeths’ management is well up to the task of seeing it through the difficult period that almost all firms are currently experiencing. The worrying thing is that if the Lawyer is writing this sort of thing about Freeths, it is clearly missing a large number of less well-managed firms which are probably in far worse situations. Reply Link Anonymous 10 January 2011 at 17:48 The above comment is written by the PR team of Freeth Cartwright… Reply Link Anonymous 23 August 2011 at 13:09 I wonder if FC’s accounts include the same warning this year? Reply Link Name Email Cancel reply Threaded commenting powered by interconnect/it code.