The next merger.
It’s all over for Axiom Ince.
Clients of the beleaguered firm have been informed that it is shutting down, RollOnFriday has learned.
“We are in the process of winding down Axiom Ince Limited, which will cease to trade in the near future”, the email seen by ROF states.
The partner who sent it has already found a new home and asks their client whether they wish to keep their file with the lawyer, hand it to another firm, or leave it with Axiom Ince - “although I would not recommend this as the firm is soon to be closing”, warns the partner.
Hinting at the degree to which the firm is now in freefall, the Axiom Ince partner asks the client to confirm “what you wish to do as soon as possible” and by reply.
It’s not clear how closure will impact on the firm's claims against its own ex-Managing Partner, Pragnesh Modhwadia, who has been accused of liberating the client account of £64 million and spending it all.
Regardless, things seem to be falling apart rather rapidly. Sources told ROF that internal comms were non-existent and the first that staff knew of the firm's imminent closure was when they spotted the template email being shot out to all the clients by partners.
They also described how they felt "utterly abandoned" by the Axiom directors. Whereas most of the partners have already left and many of the lawyers have been lifted and dropped into new firms, the 400-odd business services staff have been left high and dry, they said.
In the meantime, if any firms have openings for motivated and resilient non-fee-earners, they could do worse than getting in touch with the long-suffering staff of Axiom Ince via the usual channels.
Axiom Ince has been asked for comment.