News Law firms Three partners leave Halliwells to launch Manchester office for Plexus By Margaret Taylor 9 November 2009 13:14 13 December 2015 17:59 Sign in or register to continue reading. It's FREE Sign in Email Password Keep me logged in Forgot your password? Not registered? It's FREE! Register now Register with The Lawyer City Gent 9 November 2009 at 18:28 Oh dear, that’s going to make it even harder for them to pay the rent on their flashy new offices. I bet they wish they’d asked for a break clause! Reply Link Not stunned 9 November 2009 at 20:54 Good move for these 3 as Plexus are on a roll. I do wonder why plexus does not appear in the Lawyer top 50 as it must be a top 50 firm by now. ??? Reply Link Anonymous 10 November 2009 at 11:59 There is such a good lesson here about the vanity of certain law firms and the importance of staying true to what you are good at. Andrew and his team were encouraged to leave Hammonds as they were seen as no longer being “core”. The truth always was that they were a great team and generated cash. Congratulations to Andrew for going from strength-to-strength. I wonder how much different things would have been for his former firm if he had stayed on board and continued to generate profit and cover overhead in the Leeds office. Reply Link Anonymous 10 November 2009 at 17:04 but surely a break clause would impact on the size of the reverse premium paid by the landlord to the equity partners 2/3 years ago? I wonder how many of those who took the reverse premium money are left? Judging by the number of CV`s doing the rounds there will be a few more partner departures over the next few weeks and months. Reply Link Insurance specialist 10 November 2009 at 22:49 You have to agree that Plexus are on the rise but I wonder about their ability to crack Manchester. Having said that they are now (from humble beginnings) the biggest and best Insurance Practice in Leeds by far so don’t bet against them. Reply Link Anonymous 11 November 2009 at 17:50 Halliwells are seeking a merger but at this rate there will be nothing left to merge with. Reply Link AMAZED RIVAL 11 November 2009 at 19:45 I am amazed at the suggestion that Plexus would be a top 50 firm. They have only a handful of member partners (4 I am told) so presumably turn over nothing like the amount that would be needed to break into the top 100 let alone the top 50. I think that “not stunned” needs to check his/her information! If I am wrong they (the 4 members) must be some of the wealthiest lawyers on the planet. Reply Link Rural bliss 12 November 2009 at 17:18 Well according to the Law Society they have only 8 principals – http://www.lawsociety.org.uk/choosingandusing/findasolicitor/view=lawfirmdetails.law?orgid=511491&searchType=S Reply Link Anonymous 12 November 2009 at 19:27 There is a difference between salaried and equity partners The Parabis Group (of which Plexus are one part) has only 4 Equity Partners but sufficient salaried to get into top 50. Slightly surprised that above posters who plainly work for Plexus don’t know that. As for how much those equity partners take home, turnover is circa £65m and average profit margin for a top 100 firm is about 25%….. Reply Link Hamm man 15 November 2009 at 19:29 It is true that the Plexus Law senior partners are each worth millions. The Leeds based Senior Partner is well known locally for apparently having a fleet of expensive cars. I have personally seen him driving a 2009 plate Aston Martin, a 911 porsche, a range rover, a porsche cayenne and a jeep, although not all at once! Good luck to him/them I say. Reply Link Rob Shooter 17 November 2009 at 16:19 Halliwells overall headcount is now less than 800 (with less than 50 in London including support staff)- it was almost 1200 2 years ago. From what I hear the reverse premiums went straight into the pockets of the psrtners and was spent with gay abandon – new Aston Martins seen regualrly in the car park. This year they have all been asked to put money back into the firm to plug the holes of the sinking ship! Make you own mind up about their business acumen. Reply Link Anonymous 18 November 2009 at 13:11 I wonder what their results will reveal? I cannot imagine anybody is going to be keen to merge with a firm like this. On the eve of a much predicted down turn the equity partners take out millions of pounds by way of a reverse premium straight into their pension funds. They are then forced to borrow significant sums of money to pay for the cost of moving to the new premises and a large number of those who received the reverse premium literally took the money and ran. The phrase “bought and paid for” springs to mind. No wonder there is a mass exodus of partners. Who wants to spend years struggling to repay huge debts created by those who were on the verge of retiring or leaving at the time when they received the reverse premium money? This firm either thinks it can buck the market or its equity partners simply didn`t care what the long term consequences would be. Either way, you do not want to engage a firm like that in merger talks and I am not at all surprised that Manches decided to walk away. Reply Link Lucy Bodoano 25 April 2010 at 17:50 Wishing good luck to Chris Gough and to all starting in the new Plexus office in Manchester. Reply Link Name Email Cancel reply Threaded commenting powered by interconnect/it code.