Fall in turnover in the last six months forces law firm to close
A Brighton law firm has been forced to close, with the loss of 24 jobs, after it suffered a major fall in turnover in the last six months.
LA Law Ltd, which traded from 8th Floor, Telecom House, 125-135 Preston Road, Brighton, was founded in May 2011 and specialised in personal injury with a particular focus on Road Traffic Accident claims.
Partner Andrew Hosking and director Sean Bucknall from corporate recovery and business advisory firm Quantuma were appointed as administrators on Wednesday 20 December.
The business was first established as Hogarth Law Ltd in May 2011 but changed to LA Law Ltd in June 2014.
Andrew Hosking said: “Turnover had slipped from £3.4 million in the year to 31 May 2014, to £2.6 million in the year to 31 May 2017, but since the start of the firm’s new financial year, there had been a marked fall in turnover which in turn had led to the Company being loss making”
He said that 24 jobs, including both directors of the firm, had been made redundant.
“It was not possible to sell the business on, and instead case files have been sold on to three separate law firms,” he said.
The specialist regulatory team at Ashfords, led by partner Samantha Palmer, are providing the Administrators with regulatory support and advice and Samantha Palmer has been appointed as the Solicitor Manager.
Quantuma is recognised as one of the country’s leading specialist in handling insolvencies in the legal sector.
In January last year, Andrew Hosking and Sean Bucknall were appointed administrators to King & Wood Mallesons LLP and Quantuma has also handled recent formal law firm appointments in last 6 months including Gregsons Solicitors, Sovereign Solicitors and Almonds Solicitors.
For further information, please contact:
Andy Skinner, Managing Director, ASAP PR – 07990 978257
Marie Wadeson, Head of Marketing,
Quantuma LLP, Vernon House, 23 Sicilian Avenue, London, WC1A 2QS
Tel: 07464 545678