News Business Leadership Law firms Wirral firm broken up after entering administration By Margaret Taylor 24 September 2009 16:23 13 December 2015 18:17 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 Anonymous 24 September 2009 at 21:31 there is a far bigger firm on the cusp of admin! Can you guess who it is yet? Reply Link Anonymous 25 September 2009 at 10:28 oh oh oh, i know this… i love guessing games… is it Halliwells? Reply Link Michael Sutton 25 September 2009 at 13:28 I would be interested to know why this has occured, or in any insight from insiders at Lees Lloyd Whitley. It is several years since I moved from the North West to London, but my experience of LLW was that they were a decent firm with a good reputation on the Wirral and at one time in Liverpool. They aren’t the sort of firm I would have imagined would go under. Any views thanks? Reply Link Anonymous 25 September 2009 at 16:46 I have to say, comments like the first two here do strike me as a bit inappropriate. Revelling in the difficulties of others, and causing damaging speculation helps no one. Its not like we arent all suffering in one way or another at the moment. Reply Link Anonymous 25 September 2009 at 16:53 It went into administration for a variety of reasons but mainly due to the loss of several major contracts and poor management Reply Link Anonymous 25 September 2009 at 20:04 I suspect there will be more Firm’s going to the wall in the next few weeks due to the finacial climate and the extraordinary increase in indemity premiums Firm’s are being forced to pay Reply Link Anonymous 27 September 2009 at 16:17 Poster #4 – we know which firm you’re from! IP address gives it all away. LOL! Reply Link Anonymous 27 September 2009 at 18:08 MIsmanagement appears to have been the main reason for the closure of this business, its major client pulled its contract because it was aware of the impending financial issues. I believe the business should focused on what it was good at and not tried to be something it wasn’t. ive heard the debt is well in excess of £3million. THe Equity Partners and Management committee clearly took their eyes off the ball! Reply Link Alan Price 28 September 2009 at 13:08 At Marshman Price we are advising and have advised a number of law firms over the last couple of years, both locally and nationally, with liabilities up to about £5m. On the face of it the most obvious cause of the current problems is the stagnation in property markets; although commercial transactions have also slowed down substantially. A significant problem we have seen however, particularly among the smaller firms, is that they are run as a collection of individual practices, rather than as one business. There is little financial or strategic planning or monitoring of performance; partners have no concept of marketing and PR or corporate governance. Many have no managing board and partners’ meetings are just a scrum where those who shout loudest are the ones whose voices prevail. Innovation and modernisation are stifled. Many firms have embarked upon unwise and ill-considered expansion into non-core businesses; or launched specialist arms aimed at mass markets – e.g. domestic conveyancing – which have caused massive haemorrhaging of funds when those markets have failed. The risks were simply not properly considered beforehand. The legal profession – particularly at the smaller end – needs to drag itself into the 21st century in the way it structures its businesses; although this could be a difficult task for its many members who still appear to be rooted in Victorian times! Reply Link Allen Davies 28 September 2009 at 17:36 My wife was one of the many employees that on the 18th September were given their notice. The press release makes out that many staff will be going with them to other firms or have found work. This is so not true. Though it would appear that Partners have. The staff received only half of their months wages on the 4th leaving many struggling. On top of that they were told that they had to keep working with no pay! so not only working for free they also had to keep paying travel expenses they could not afford. Remortgage was mentioned as being one of the factors in the closure yet remortgage consisted of only 1 person surely 1 person did not bring the downfall of such a large company? Maybe and this is not just my opinion but maybe investing 3.5 million on moving into a nice new all singing all dancing building along with losing a major contract with POA contributed more to their demise. Allen Davies Reply Link Ray Gordon Solicitor/Director Legal Mentors 1 October 2009 at 16:24 We work with solicitors across England and Wales and only a few have understood the necessity to become a limited company NOW. The legal Services Board have made the future very clear sadly only a very limited number of my peers have seen the opportunity. I am personally saddened to hear that 500 firms cannot get PI cover but not surprised.We can help with your future and your Strategy but you must want to change. Reply Link Allen Davies 1 October 2009 at 21:38 It is a shame that some legal firms are using this opportunity to place comments as an opportinity to promote themselves and have no real sympathy for the staff that are at this time unemployed. I do hope they can sleep at nights.- Reply Link david taylor 5 October 2009 at 10:44 Allen Never be surprised at the attitude of lawyers to others who are in difficulties. Many, many firms will go in the next 12 months, most without any noticeable publicity. Variety of reasons, but essentially there are just too many of us at every level, chasing too little work. Reply Link Rural bliss 5 October 2009 at 18:04 As a matter of interest do the partners in an insolvent LLP just walk away from the debts, as with directors of a limited company? My understanding is that volume conveyancers, such as LLW, were making little or no profit on the actual conveyancing. The real profit came from client account interest, and when this disappeared with the plunging interest rates so did the profiit. Reply Link Name Email Cancel reply Threaded commenting powered by interconnect/it code.