Halliwells' woes deepened this week, with lawyers jumping ship and the firm's landlord even turning off its air conditioning.
RollOnFriday has been told that equity partners trying to sell themselves to HBJ Gateley Wareing and Hill Dickinson are being asked to agree not to move elsewhere for three and four years respectively. Quite whether that would be enforceable is another question. And if that isn't enough to make them feel uncomfortable, the firm's Manchester landlord has switched off the air conditioning in the office and even shut down all the lifts except one.
Insiders also say that the courts are refusing to take the firm's cheques for issue fees - the firm is suffering the indignity of handing over postal orders.
The firm has filed a second notice of intention to appoint an administrator, which Legal Week points out will give them until 20th July to conclude deals with the firms currently circling it. But as discussions rumble on, lawyers are voting with their feet - RollOnFriday has heard that litigation partner James Lappin resigned this week to take his team to DWF.
Halliwells' equity partners will be desperately hoping that a deal can be salvaged - after all, they face significant potential personal liability for loans they took on to make capital injections to the firm. Maybe they should have heeded the advice given on their own website on 5th May, stressing that "partners are incredibly vulnerable"...
Tip Off ROF
RollOnFriday has been told that equity partners trying to sell themselves to HBJ Gateley Wareing and Hill Dickinson are being asked to agree not to move elsewhere for three and four years respectively. Quite whether that would be enforceable is another question. And if that isn't enough to make them feel uncomfortable, the firm's Manchester landlord has switched off the air conditioning in the office and even shut down all the lifts except one.
Insiders also say that the courts are refusing to take the firm's cheques for issue fees - the firm is suffering the indignity of handing over postal orders.
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A Halliwells partner cooling off yesterday |
The firm has filed a second notice of intention to appoint an administrator, which Legal Week points out will give them until 20th July to conclude deals with the firms currently circling it. But as discussions rumble on, lawyers are voting with their feet - RollOnFriday has heard that litigation partner James Lappin resigned this week to take his team to DWF.
Halliwells' equity partners will be desperately hoping that a deal can be salvaged - after all, they face significant potential personal liability for loans they took on to make capital injections to the firm. Maybe they should have heeded the advice given on their own website on 5th May, stressing that "partners are incredibly vulnerable"...