BGN Entrepreneur

The market downturn has already claimed the scalps of leading banks and insurance giants. Now the lawyers become worried that it might come to their turn.
The leading law company is a key adviser to AIG. The firm has some high profile clients. It numbered 20 partners and 90 staff just a few months ago and figures for the year ending April 2008 showed a healthy profit of £1.8m.
However, it is now engaged in a desperate battle to stave off its own collapse. The number of partners has been slashed and a consultation process has been started to lay off some support staff It is a sensitive time. Senior partners from the top-200 firm are set to call in the administrators. They are hoping to buy back key parts of the business in a pre-pack administration process.
The collapse of a sizeable law firm was almost unheard of until now. Though it is likely the firm will be reborn in another form, it will set larm bells ringing in the City.

Related posts:

1. Woolworths Facing Bankruptcy
   As furniture chain MFI battled for survival, a news comes...
2. Keira’s Plumbers Collapse after ‘Client Theft’ Dispute
   A plumbing firm, accused by a rival of stealing its...
3. MFI, on Brink of Collapse
   The furniture chain MFI, which is one of the UK’s...
4. Third of Vauxhall Workforce Facing Being Axed
   Under plans, which are called by the unions as ‘a...
5. Big UK Banks Facing Stricter Strength Rules
   It was reported that the UK’s biggest banks, such...