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Shoosmiths has hired a team of eight lawyers from collapsed Midlands firm Challinors, but the firm’s administrators have confirmed the loss of 46 jobs.
The acquisition of the clinical negligence team follows yesterday’s news that Clarke Willmott and Cartwright King had also acquired teams from Challinors (22 August 2013).
In a statement, RSM Tenon confirmed the appointment of Andrew Hosking and Simon Bonney as joint administrators on Wednesday (21 August). The administrators said the firm was placed into administration following a statutory demand issued by a creditor against the partners of the firm (15 August 2013).
”Due to the potential risk of insolvency as a result of the demand, RSM Tenon has been working very closely with the key stakeholders of the firm and the Solicitors Regulatory Authority (SRA) which subsequently led to a marketing process being commenced by the partners in conjunction with consultants and professional advisers to the firm. This led to 13 firm offers being made for parts of the business,” the administrators’ statement added.
“A number of sale processes were completed and executed prior to the making of the administration order and the number of remaining parts of the business was then disposed of immediately after the making of the administration order.”
Hosking added that it had proved impossible to sell the business as a whole for the “appropriate considered value and in the necessary timeframes”.
He said 46 redundancies had been made, but many of those affected had secured jobs with the purchasers of the various pieces of the business.