Law firm admits profitability was undermined by office costs
Halliwells has confirmed that it is holding talks with another major law firm following its announcement that it has filed for administration.
In an official statement, the leading insurance practice said “Halliwells LLP is in advanced discussions for the transfer of the business to another highly regarded firm of solicitors due to events that have adversely impacted the finances of the firm. These are the result of high property costs exacerbated by the current economic climate which affected the profitability of the firm. The underlying business remains strong and has attracted interest from a number of parties.
“To provide Halliwells LLP with a period of stability to facilitate this transfer and to ensure business continues as usual, the firm has entered into a moratorium to protect the interests of clients and other stakeholders by filing at court a notice of intention to appoint an administrator. An administrator has not currently been appointed.”
Law firm BLG is believed to have expressed an interest in acquiring Halliwells’ insurance practice.
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