Halliwells former managing partner Austin snares new job
Halliwells executive chairman Ian Austin is to leave the troubled firm to run the commercial litigation department at Manchester firm Heatons.
Until 2009 Austin was managing partner at Halliwells, a role he gave up at the end of last year to take on the newly created role of executive chairman.
In 2005 Austin secured Halliwells’ move into new headquarters at Spinningfields in central Manchester at a top of the market rent of £35 per square foot. Austin also helped negotiate a deal that saw the firm’s then 40 equity partners take a cut of future proceeds from a property sale.
However, when fee income fell the rental obligations led the firm to make a cash call, re-organise its finances and take the unprecedented move of mortgaging its property, fixtures and fittings, LLP goodwill and IP (19 February 2009).
A number of partners left the firm and on 24 June Halliwells filed notice of intention to appoint an administrator (25 June 2010).
Barlow Lyde & Gilbert, HBJ Gateley Wareing and Hill Dickinson are currently in negotiations to purchase the majority of Halliwells’ assets in a move that is expected to see managing partner Jonathan Brown move to Hill Dickinson.
Commenting on Austin’s appointment, Heatons managing partner Matt Fleetwood said: “This is a significant appointment for the firm. Ian is a first-rate litigator with a strong client following and vast experience. He is ideally placed to head our commercial litigation team and to help with the strategic development of the firm.”
Readers' comments (13)
Anonymous | 12-Jul-2010 4:56 pm
Surely the headline should be... "Halliwells departures: Austin allegro"
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Anonymous | 12-Jul-2010 9:32 pm
Austin Powers (no more). Groovy baby.
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Ian | 13-Jul-2010 7:42 am
Congratulations on a fabulous appointment. A real coup!
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Anon | 13-Jul-2010 8:44 am
Shame a number of his former employees may not be so lucky
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Anonymous | 13-Jul-2010 10:09 am
Why would you want someone with a track record of spectacular mismanagement and failure?
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Anonymous | 13-Jul-2010 10:42 am
So let me get this right: you lose the ENTIRE litigation team to Berg Legal.....then hire the one guy on everybodies lips as being at the heart of the fiasco, and with the biggest image problem in the whole of the NW legal market? Hmmmmmmm. Way to go...
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The drive for insolvency | 13-Jul-2010 9:44 pm
what is the strategic development which Heatons needs Ian to help with? How to ramp up the debt, secure the best reverse premium possible and walk away from an insolvent law firm and leave decent hard working people to default on their mortgages?
Heatons this is the biggest own goal since Tommy Hutchinson scored against his own team in the f.a cup final, congratulations in taking over from Halliwells in becoming the most hated law firm in Manchester over night.
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Anonymous | 14-Jul-2010 11:35 pm
"Snares" is appropriate in these circumstances - or what about "manages to get another job in a third rate firm against all the odds, to fend off bankruptcy"?
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Anonymous | 15-Jul-2010 12:48 pm
I left Halliwells many years ago but one thing I do recall was that Austin was a really nice guy and much respected. Sometimes good things happen to good people.
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Anonymous | 16-Jul-2010 3:07 pm
Can't see this as anything other than a return to an obscurity which is richly deserved. One hopes the SRA will be examining the circumstances of Halliwell's demise closely. I am sure The Lawyer will be.
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The Liquidator | 16-Jul-2010 7:33 pm
I will certainly be investigating the demise of Halliwells and I shall be starting with the trousering of that £21M "property windfall".
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Anonymous | 21-Jul-2010 3:38 pm
Congratulations to Mr Austin. Seems it's not just bankers who get rewarded for failure.
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Bil Tong | 21-Jul-2010 5:45 pm
One word sums up Mr Austin - hubris
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