Legal consultancy helps save Linder Myers from administration
Deal 'believed to be the first of its kind in the legal sector'
Assure Law, a legal business consultancy, has helped save Manchester-based firm Linder Myers from administration.
In a deal announced last night, Assure Law chairman Tony Stockdale becomes chief executive, while managing partner Bernard Seymour (pictured) becomes senior partner.
The firm, which has 51 partners and 260 staff, filed notice of intention to appoint administrators last month. With offices in Manchester, Lancashire, Shropshire and Chester, Linder Myers had expanded rapidly in recent years.
Yesterday's statement from the firm said it had been able to refinance its debts in a deal "believed to be the first of its kind in the legal sector". The details of the deal are yet to be published.
Seymour said the result was "a very positive outcome for the business, its employees, our valued clients and business partners" and the practice looked forward "with confidence to the future".
Seymour said Linder Myers, which has provided legal advice since 1922, had agreed deal terms with Assure Law and "other stakeholders".
He went on: "The environment in which law firms find themselves operating has never been more challenging with unprecedented changes placing increasing pressure on firms."
Stockdale, who remains chairman of Assure Law, commented: "Linder Myers is not the first, nor sadly the last practice to hit difficult times within a sector being impacted by a number of changes which are placing a real squeeze on law firms. "The team at Assure Law have worked hard with all the other parties involved to reach a successful outcome. The refinancing of the firm's debts will result in a strong balance sheet and provides a stable base from which Linder Myers can focus on organic growth."
Advisers on the deal included EY, Duff and Phelps, Pinsent Mason, Hill Hofstetter and Addleshaw Goddard.