Categories:East Midlands

Freeth Cartwright remains optimistic about debt levels

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Readers' comments (17)

  • 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

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  • Eek! The next Halliwells?

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  • Didn't Halliwells also go through the stage of being "not concerned at all about [their] position"?

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  • 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.

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  • 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.

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  • It is no surprise that Freeth Cartwright are unsure about their future...too many people making few good decisions...

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  • Jam tomorrow springs to mind.....................

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  • They must be very unsure about the Company's future, it's one redundancy after another, when will it stop!?!

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  • 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

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  • 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.

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  • they don't seem 2 have heard of KPI's, unless they think they are nuts they have with their cocktails

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  • 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.

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  • I knew things were looking bad last year when I saw the partners in the corporate dept wearing polyester suits.

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  • The all singing all dancing Freeths Corporate partner has been decked out in polyester suits for years.

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  • 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.

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  • The above comment is written by the PR team of Freeth Cartwright...

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  • I wonder if FC's accounts include the same warning this year?

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