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Leeds-based firm Fox Hayes has gone into administration a month after the departure of its commercial and private client teams for Lupton Fawcett.
David Wilson (pictured) and Julian Pitts of the Leeds office of Begbies Traynor have been appointed as administrators.
It is understood that some 115 jobs could be lost, although few of these will be lawyers.
At the end of last year Lupton Fawcett made an agreement to take 10 Fox Hayes partners, including managing partner Philip Drazen, 17 other fee-earners and 11 support staff. This left Fox Hayes with nothing more than a property transfer and volume conveyancing business. (19 December 2008).
One manager at another Leeds firm said: “This comes as no surprise, it was always a question of time. There won’t be any underlying assets, all you’ve got is a bunch of clients giving you volume work, which will just go to another panel member. Work was mainly done by clerks with a computer system. There will just be a bunch of people joining the ever-growing volume of people made redundant.”
Prior to the loss of teams to Lupton Fawcett, Fox Hayes’ conveyancing business had placed 43 jobs under review (7 October 2008).
At the end of the last financial year Fox Hayes had a turnover of £10.1m, and 254 members of staff.
Wilson and Pitts and Fox Hayes were unavailable for comment.