News from the Gazette that it is “business as usual” at Challinors as they prepare for the sale of the practice, after filing notice to appoint an administrator. Further details from the Birmingham Post.
The most startling point is that they are alleged to have borrowed substantial sums from clients – unexpected, but legitimate (except for the suggestion that one of them was not advised to seek separate advice). Though the level of debt is fairly startling as well, effectively £1m per partner. Obviously a problem that has been brewing for some time.
In Birmingham, this follows the demise of Blakemores and earlier of Cobbetts.
None of this creates confidence in the legal profession, though I suspect the “last firm standing” may end up well off. We face tough times, and the aim must be to survive.
I would be interested to know if any of these firms had received executive or business coaching. And that is a genuine question, not a self serving one.