The Lawyer Global Litigation Top 50 report is the only ranking of international law firms by litigation and arbitration revenue and is essential reading for anyone seeking to benchmark their litigation and dispute resolution practices...
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Penningtons ended up paying just £500,000 for Manches’ work in progress despite originally setting out for a merger of equals. When the two firms first started talking in September Penningtons was unaware that Manches was close to exceeding its £6.4m overdraft facility.
As The Lawyer reveals today, Manches also had an unpaid tax bill worth £625,000 and partner’s personal tax liabilities totalling £1.1m. With its bank refusing to extend the overdraft Manches found itself unable to pay its indemnity insurance bills.
It was a lethal cocktail that resulted in HMRC issuing a notice of action against the firm and spelled the end for Manches as an independent entity.