McClure Naismith has finally admitted that it is looking for a white knight. Robin Shannan, the firm's Executive Chairman, told the Sunday Herald last weekend that it "had not been enjoying the easiest of times", that "we are still trading and working towards a merger possibility" but that some parts of the business might have to be broken up.
The admission is hardly a surprise. The firm's accounts were due to be filed back in January and are now nearly seven months overdue, prompting speculation that it was in some trouble. But when RollOnFriday contacted the firm two weeks ago a spokeswoman categorically denied that it was "in any difficulty whatsoever". This week she said "the information which McClure Naismith provided to you at the time of our correspondence on 6th August was accurate", and that she had given "straight answers". So the firm's massive debts and its profits collapse can only have kicked off over the last fortnight then.
Readers might remember fellow Scottish firm Semple Fraser insisting that it was still "trading well" just four weeks before it went into administration. We'll eat our orange hat if McClures hasn't entered into a pre-pack in a matter of days, the partners having jumped ship to competitor firms and creditors and staff being left without a pot to piss in.
Tip Off ROF
The admission is hardly a surprise. The firm's accounts were due to be filed back in January and are now nearly seven months overdue, prompting speculation that it was in some trouble. But when RollOnFriday contacted the firm two weeks ago a spokeswoman categorically denied that it was "in any difficulty whatsoever". This week she said "the information which McClure Naismith provided to you at the time of our correspondence on 6th August was accurate", and that she had given "straight answers". So the firm's massive debts and its profits collapse can only have kicked off over the last fortnight then.
 |
A pork pie yesterday |
Readers might remember fellow Scottish firm Semple Fraser insisting that it was still "trading well" just four weeks before it went into administration. We'll eat our orange hat if McClures hasn't entered into a pre-pack in a matter of days, the partners having jumped ship to competitor firms and creditors and staff being left without a pot to piss in.
Comments
94
85
It's pathetic - we have to rely on The Lawyer and ROF to find out what's going on.
83
102
103
88
A whiff of "we're all utterly shafted and going to be out of a job in 3 weeks" will see each and every sensible fee earner jumping ship (as, so rumor goes nearly happened at Halliwells when trainee partner Paul rose allegedly told the trainees they were buggered. Said trainess went back to teams and teams the teams started looking to jump out of the train wreck).
That then destroys any value the firm has and scuppers any rescue merger talks and shafting anyone not an allegedly amazing rain maker.
104
99
109
75
108
99
93
92
To the poster above, remember that the Scottish Solicitor's Benevolent Fund may be able to help ....
115
96
119
85
104
100
114
99
122
75
116
83
123
88
107
81
111
69
114
95
82
82
96
95
116
96
Still expecting to hear how this is the fault of perfidious Albion. If a tree falls down in Scotland and there's no-one to hear it, is it still the fault of the English?
114
93
116
99
Bad times for lawyers in Scotland. Even more of them on the market won't have a good effect on pay or job security of those in work. MN people looking for a job will find it hard. The only champagne all round will be for employers getting desperate people cheaply.
84
98
103
95
118
95