Sheffield firm set for administration; BDO called in
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Five equity-partner Sheffield-based conveyancing firm Ashton Morton Slack has filed to go into administration.
Administrators BDO was appointed on Friday on the administration of the firm, which had a turnover of £7.5m in 2008 and which also advises on business, personal injury and private client work. BDO partners Dermot Power and Graham Newton are advising.
The news of the current financial troubles comes three months after the law firm relaunched its financial services venture with Burley Financial Services. Northchurch Financial provides financial advice in a wide range of areas including retirement planning, wealth management, estate planning and employee benefits packages. Northchurch Financial is understood not to be affected by any potential administration.
The law firm was also one of 30 outfits that made money from providing advice to coalminers who suffered from respiratory diseases and vibration white finger. However, it was found to have been overpaid and was subsequently forced to repay £1.45m of the revenues (3 September 2007).
While last year four partners - Jeremy Brooke, Edward Hartley, John Hodgson and Balginder Kaur - were referred to the Solicitors Disciplinary Tribunal by the Solicitors Regulation Authority (SRA) in respect of their handling of the miners’ compensation claims.
Two of the partners in question were fined £8,000 each and two were fined £4,000 each and were ordered to pay costs.
There was no answer at the firm’s offices today when called by The Lawyer.
Head of Addleshaws professional services and LLP group Richard Linsell commented: “I think that, sadly, 2011 is going to see a substantial number of law firm administrations.”
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Readers' comments (12)
Beverley | 13-Dec-2010 3:12 pm
Sad to see this one go after 100 years of service. Unfortunately it's not the first and it won't be the last.
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Anonymous | 13-Dec-2010 4:43 pm
It's a real tragedy. All those hard-working families losing their jobs.
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Anonymous | 13-Dec-2010 5:12 pm
Indeed many more in the pipeline to go.
Firms need to merge to reduce competition and regain stability, economies of scale and pricing power.
It's sad but true but this will only help as the industry can't fight commoditisation and outsourcing.
The legal sector will not be a growth industry for many years if ever.
The real tradgey here is the financial ruin of future law students who will see decreased opportunity and massive debts.
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Anonymous | 13-Dec-2010 5:16 pm
Apparently, the gaping hole left by a seven figure unpaid tax bill might have had something to do with it, as well. As with Halliwells, it is sad to see employees suffer due to mis-management.
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Matthew Taylor (MTPT) | 14-Dec-2010 10:39 am
Do we know whether AMS has current or pending trainees?
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Anonymous | 14-Dec-2010 11:40 am
Being in the ARP was the final straw apparently.
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Margherita Walters (nee Fenoughty) | 16-Dec-2010 3:06 pm
Does anyone out there know if this firm was previously Fenoughty & Ashton? My father James William Fenoughty was a partner in Fenoughty & Ashton Solicitors in Sheffield (which I believe was very highly regarded), but died in 1941 aged 55. I was only 4 when he died, so would be thrilled if anyone knows anything about him...
Margherita Walters
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Anonymous | 27-Dec-2010 11:01 am
my family have known this old firm for more than 90 years and with regret had to terminate relations following the death of my father.
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John Rigby | 25-Mar-2011 0:32 am
J W Fenoughty was a Catholic solicitor who became famous in the 1930s trial of the infamous Mooney gang.During the sixties the firm traded under the name of Ashton,Fenoughty,Hewitt Barlow and Wise
JWF was President of the Catenian Association's Sheffield Circle in 1930
I would like to hear more from Margherita about her father
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shaun smith | 21-Jun-2011 3:37 pm
im after some deeds to my house,, how do i aquire them,? i have tried ringing, but no answer,
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