A £1.4m negligence claim against Bircham Dyson Bell brought by Frizzell Financial Services has been dropped just weeks before the case was due to go to court.
The case was due to start on 7 July, but three days after witness statements were exchanged earlier this month, Frizzell withdrew its claim.
The financial services company will now have to foot Birchams’ legal bill.
The case related to advice provided by property partner John Stephenson to a break clause in the lease of Frizzell’s London offices.
Birchams has always denied any wrongdoing in the matter.
“There was no attempt [by Frizzell] to settle,” Stephenson said. “We were just told that the case had been withdrawn, which therefore entitles us to costs.”
A spokesperson for Frizzell said: “We made a commercial decision not to pursue the case any further.”
Clarke Willmott Clarke partner Philip Tebbat, who advised Frizzell, was unavailable for comment.
Birchams was advised by Barlow Lyde & Gilbert partner Neil Jamieson.
Meanwhile, Birchams has recorded an 8 per cent increase in turnover to £18.8m. Profits per equity partner remained constant at around £165,000.
It has also taken on Pinsents corporate partner Peter McLoughlin in the company commercial department.