Comment: Linder Myers deal is to be applauded
FROM a reputational perspective alone the solvent deal to save law firm Linder Myers is excellent news for the Manchester legal market.
When the feelings of the firm’s 300+ staff across its offices in the region – particularly who joined from other failed firms in the last year – are taken into account too, Assure Law’s restructuring and the position taken by creditors, is nothing short of miraculous.
The city has seen two very high profile administrations in Halliwells and Cobbetts in recent years, and while jobs have been saved, and clients’ interests preserved by the rapid pre-pack sales, huge damage has been wrought on the reputation of Manchester as a leading legal centre, from a national perspective.
Reports in the legal press of creditors losing huge sums, of aggressive property transactions, and then former partners threatening to sue one another has only compounded this.
When news of the problems of Linder Myers broke last month, there was almost an air of ‘here we go again” in the tone of the reporting in the legal press.
So it’s good news, that a new approach has been found to Linder Myers’ woes – and that Assure Law – a consultancy run by accountants – came to the fore after talks fell down with Midlands firm HCB, which was looking at a pre-pack deal.
Sources close to the matter speak of a real willingness to find a way through the mire and of strong leadership internally, and let’s hope now that Linder Myers can now move forward into a successful new era after a turbulent few months.
So well done Assure Law for coming up with its new approach, and for the advisers, and yes the lender, RBS and the other creditors, for backing the deal.
