Penningtons acquires Manches as merger talks close

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  • For Manches this was the only route to survival and hopefully it can be reborn with some sense of profitability. Penningtons partners must be pleased with themselves, looks like they got a bit of a bargain.

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  • Maybe Stewarts Law should havve bought them out of the prepack?

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  • Left a long time ago but Manches was a great place to work in the old days.

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  • It seems that the partners of these large law firms are allowed to run amok by rewarding themselves handsomely for years, running their practices into ground and then leaving the creditors to pick over the bones of what is left by getting their mates at large accountancy practices to silently “pre-pack” them off to pastures new. Consider how much Grant Thornton rewarded themselves for dealing with the Cobbetts debacle! No doubt PwC will follow suite.

    Of course, the partners dexterously slide out of harm’s way by donning another coat of many colours and then boast of what is left of the vestiges of their salvaged virtues!

    At least the legal profession is not left to cover the massive costs of an embarrassing intervention!

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  • I think this is sad for Manches. I have worked with their Oxford office many times and they are a nice set of clever people.

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  • Finally the cockroach has been crushed by the boot of reality .....

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  • Manches had nothing left up their sleeve(s).....

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  • Arrogant,aggressive,expensive,unloved.There won't be many be many tears shed .

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  • A very similar set of circumstances led to Bond Pearce taking over Dickinson Dees a year ago. That seems to have saved both firms from doing a Halliwells or a Cobbetts. I'm sure this tie up will be the same.

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  • 600+ staff and a T/O of £58M - these are scary numbers and should have been at east an amber light to both parties. When fees are at as low as this and partner/staff numbers so high it is a recipe for disaster. Hopefully the management of the new merged firm will look to rationalise and invest (though with what I am not sure) on processes/software designed to lower the cost of sales. There must be serious productivity issues here that need fixing - and quickly. This would make a great management case study. let's hope for their sake the clients don't walk as if they were aware of the current management/operational performance some may well seek alternative providers.

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