HCR Law has agreed a rescue deal for Wright Hassall after the Warwickshire law firm appointed administrators.<\/p>\n
The combined firm will have more than 1,000 staff operating from 12 offices, with the new office operating under the name HCR Wright Hassall.<\/p>\n
HCR, which used to be known as Harrison Clark Rickerbys, has more than doubled in size since the pandemic. It previously took over struggling East Anglian firm Hewitsons in 2021 and last year it acquired healthcare lawyers Ridouts.<\/p>\n
Sam Payne, joint head of the Leamington Spa office at HCR Law, said: \u201cThis is about building on shared strengths and creating new opportunities for our clients and staff. For now, it\u2019s \u2018business as usual\u2019 for clients, who we look forward to supporting further.\u201d<\/p>\n
The debt collection firm QDR Solicitors, which previously formed part of Wright Hassall, has not transferred ownership to HCR Law.<\/p>\n
Hilary Pascoe from Leonard Curtis, who was appointed joint administrator alongside Joph Young and Andrew Poxon, said: \u201cWe have seen an increase in law firm insolvencies over the last few months which demonstrates the issues being faced in the sector. Rising costs and difficulties with recruitment are just two of many areas of concern.”<\/p>\n
The administrators said the sale was completed following a structured and focused process which has protected over 100 jobs and provides the opportunity for Wright Hassall\u2019s clients to access the size and specialisms of the larger, combined firm.<\/p>\n
Young added: \u201cThis positive outcome provides a seamless transition, achieving the best result in challenging circumstances for Wright Hassall LLP\u2019s creditors, employees and clients.\u201d<\/p>\n
The Leamington Spa-based firm’s roots date back to 1846 and it is exactly 150 years since Edward Wright and James Wright Hassall formed a partnership which was originally known as Wright and Hassall.<\/p>\n
At its peak, in 2018, the firm had around 160 fee-earners and another 140 staff. It generated \u00a33.1m profit, before members’ distributions, on revenues of \u00a321.6m.<\/p>\n
But by last year the firm had shrunk to 90 fee-earners and 90 staff.<\/p>\n
Its most recent published accounts, for the year to March 2024, showed profits before members’ remuneration and profit shares, of just \u00a31.99m and revenues down to \u00a317.7m.<\/p>\n
A spokesperson from the Solicitors Regulation Authority told TheBusinessDesk.com: \u201cWright Hassall have kept us up to date on their situation, as all firms must do if they experience financial issues or have to close down. Our remit, as always, is to make sure the interests of their clients and former clients are protected.\u201d<\/p>\n
The deal was concluded with assistance from Axia Valuation Services (valuation, negotiation and sale), Charles Russell Speechlys (solicitors) and Sanderson Weatherall (lease advice).<\/p>\n","protected":false},"excerpt":{"rendered":"
Combined firm will have more than 1,000 staff<\/p>\n","protected":false},"author":273032,"featured_media":2105163,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120902],"coauthors":[137112,81],"class_list":["post-2105139","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal","tag-coventry-and-warwickshire","tag-top-story"],"yoast_head":"\n