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Fox Hayes fall offers hard lesson in capital management

A reflective comment As a ex-employee who was made redundant in the second round of redundancies in 2008 I have watched the saga unfolding but have had time to reflect and although my redundancy was traumatic the pill was not bitter as each and every one who has lost their job due to the administration of the firm. They all have my sympathy and I wish them luck in the future. What must be remembered is that Fox Hayes LLP was two firms Fox Hayes PTC and Fox Hayes the law firm. PTC was a successful part of the firm and would have continued to be so had the downturn not occurred. What happened over the growth period was that the law firm sat backed and milked the income from PTC instead of it growing at a similar pace. The law firms business plan was to revolve around entraupenerial clients which is all well and good but when times are hard they simply disappear. Despite suggestions that they should look to attract larger and more substantial clients or get invloved in debt collection insolvency and repossession work those suggestions fell on deaf ears and were dismissed. Now that the law firm has gone to Lupton Fawcett the partners and staff will have to show their worth to survive and I'm sure they will not get an easy ride. We shall see. So far as APL is concerned the blueprint of FHPTC was fundementally sound but the life blood was sucked out of them by others. I wish them well and hopefully a Pheonix may rise from the ashes and they will learn from previous mistakes.

5-Feb-2009

7:38 pm