Staff at Plexus have complained of a costly IT breakdown, a lack of choice in trainee seats and having to pay for their Christmas party.
Sources in the firm's Manchester office claim that Plexus lost a week of work in October due to IT systems "failing constantly". Management told frustrated staff that the fault lay with either HP or Microsoft. But, said an insider, because management refused to alter time targets to account for the downtime, it is "bye bye bonus".
But with luck, staff may still be able to afford to attend their own Christmas party. For the second year running Plexus is, according to a source, charging employees to attend the bash "despite promising staff last year that they would only being doing it the one time". It shouldn't be too extortionate since the venue is the firm's own boardroom.
Meanwhile, a new trainee has apparently quit the firm to take a position at a rival. As a paralegal. "They know they're unlikely to ever get a TC there", said a source. "But they've had enough and need to get out".
Her itchy feet may be due to the firm's insistence on granting all of its training contracts bar one to the motor insurance fraud team in Leeds. "A couple of years ago NQ roles were advertised and not one single trainee applied for a role in motor", said an insider. "Given the potential small claims changes who could blame them?". So the firm changed the NQ procedure, giving "no choice in what job they're offered. They just go for an interview and they're told after what they'll get on the basis of the magical 'business need'".
Plexus, whose London office is available for rent, did not respond to requests for comment.
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Sources in the firm's Manchester office claim that Plexus lost a week of work in October due to IT systems "failing constantly". Management told frustrated staff that the fault lay with either HP or Microsoft. But, said an insider, because management refused to alter time targets to account for the downtime, it is "bye bye bonus".
But with luck, staff may still be able to afford to attend their own Christmas party. For the second year running Plexus is, according to a source, charging employees to attend the bash "despite promising staff last year that they would only being doing it the one time". It shouldn't be too extortionate since the venue is the firm's own boardroom.
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Sux. 'Elp. |
Meanwhile, a new trainee has apparently quit the firm to take a position at a rival. As a paralegal. "They know they're unlikely to ever get a TC there", said a source. "But they've had enough and need to get out".
Her itchy feet may be due to the firm's insistence on granting all of its training contracts bar one to the motor insurance fraud team in Leeds. "A couple of years ago NQ roles were advertised and not one single trainee applied for a role in motor", said an insider. "Given the potential small claims changes who could blame them?". So the firm changed the NQ procedure, giving "no choice in what job they're offered. They just go for an interview and they're told after what they'll get on the basis of the magical 'business need'".
Plexus, whose London office is available for rent, did not respond to requests for comment.
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Want to explain what happened with the RSA contract recently taken away from Plexus and given to DWF and Clyde & Co?
Or the Aviva contract taken away from Plexus after you bought Greenwoods because the main decision maker at Aviva hated Plexus?
As for the partners leaving Plexus, they appear to have gone for better money at Keoghs.
I could go on. Am sure others could too.
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Sometimes, we use ink as well.
To my anonymous co-worker: Loving your rabid enthusiasm.
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1. The first Plexus Law (Parabis Law LLP) went into administration. According to the latest administrator’s report almost £60m of unsecured creditors can look forward to getting less than 1 penny in the pound back. The firm traded for around 8 years and never made profits (after partner remuneration) in its entire trading history of £60m. I think a firm which collapses owing more than the sum total of its entire trading history of profits can be seen as a totally failed enterprise. Meanwhile the key partners (who are now partners in the new Plexus Law) have tens of millions in their pockets. Perhaps decency will see them dig deep into their personal fortunes to pay the clients and suppliers who were shafted badly by the first collapse.
2. On to the new firm, Plexus Law Ltd, which has risen from the ashes of the first collapse. The stooges who caused the first collapse bought it all back for around £6m having sold out to private equity a few years earlier for hundreds of millions. Will it be any different from the utter failure of the first time round? Cash in the bank is what a couple of million at best?, just before a big salary and bonus bill and the total liabilities are more like £25m. Are there not loans of around £5m? On what planet is that ‘debt free’? Worse, the firm is in the red in just its first year despite the administration of the first firm having wiped the slate clean. I doubt the firm could pay its liabilities including staff if it was wound up today? Should it even be continuing to trade? Have the lessons of the first collapse been learned? The limited company has not filed accounts showing its first year. Almost certainly a bad first year.
3. An LLP has now been set up. Clients and suppliers brace yourself for the Ltd co to go down and the Phoenix to rise from the ashes yet again.
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Against all financial data and past performance they still love the firm that is destroying their career.
Kind of like an abused child believing their parents hit them because they love them.
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In fairness to firms like Plexus Law given the changes to the small claims limit, Jackson, but especially fixed costs, it must be very difficult indeed to make money doing that sort of volume litigation work and I doubt many of us would want to work in what because of that is likely to be a very high pressure defensive environment.
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