Halliwells to appoint administrator

Halliwells has filed a notice of its intention to appoint an administrator, and is looking to sell off its business assets. It is thought that Liverpool-based Hill Dickinson is interested in acquiring Halliwellls’ Manchester corporate practice, while Barlow Lyde & Gilbert is believed to be interested in acquiring Halliwells’ insurance practice, which includes major clients such as AIG and AXA. The news comes after two years of worsening financial circumstances, as Halliwells experienced a drop in profitability and a substantial rise in debt. Figures from the 2009-10 financial year have not yet been released, but last year saw the firm’s drop by five per cent to £83m. Average profit per equity partner fell by around a third to below £300,000.

thelawyer.com Halliwells to appoint administrator
Mon, Jun 28, 2010 thelawyer.com