The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
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.