Fuckwit, Arsewipe n Cockdrip LLP

[spygirl]

Google feeds me legal news after browsing some legal comings n goings.

Anyhow, another day, another largish firm going under.

Stricken Ince appoints administrator as money runs out

By John Hyde12 April 2023

https://www.lawgazette.co.uk/news/stricken-ince-appoints-administrator-as-money-runs-out/5115703.article

Ince is one of the biggest law firms to have entered administration in recent years. As of 2021, when the latest accounts were produced, the company employed 701 people and had 338 fee earners. But the 2021 figures indicate financial difficulties: the firm reported profits of just £300,000, on revenue up by 4% to £100.2m. Diluted earnings per share were just 0.5p in 2021 down from 11.4p in 2020, and net debt remained above £6.5m.

Profits bounced back in the six months to 30 September 2021 – increasing by 9.4% - but this was followed by a nightmare 2022 characterised by cyber attacks, profit warnings and a tumbling share price.

I note another cyber attack. Maybe it was. Maybe they cut corners on IT - legal firms, despite what you may think are notorious for sailingr close to wind on stuff.

I wonder if the legal sector is descending into the same low earnings n humiliation that accounting did from the 90s.

The Ltd Co setup has been a disaster.

Dont get me wrong. Still a good earning to be made. But not as lucrative or as easy.

 

INCE GROUP STRIKES DEAL TO ACQUIRE ARDEN PARTNERS

 27 Oct 2021  National  Deals  Laurence Kilgannon

Legal and professional services business The Ince Group is set to acquire Arden Partners after the corporate adviser and stockbroker's board recommended a £10m all-share offer to shareholders.

Arden was founded in 2002 by senior figures from Albert E Sharp and Old Mutual Securities and was listed on AIM in 2006. Today it has 40 public clients and approximately 60 public companies under research coverage with an average market capitalisation of £256m.

The offer from Ince entitles Arden shareholders to receive seven Ince shares in exchange for every 12 Arden shares.

Ince chief executive Adrian Biles said: "My team and I have been working with Donnie Brown and the Arden team since 2017 and we have developed a strong relationship of mutual respect.

....

Ince Group disposes of broker Arden after just six months

08:14 Wed 16 Nov 2022

Philip Whiterow

ViewThe Ince Group PLC

AIM:INCE

Tough conditions in small-cap broking prompted the sale, says legal group

Ince Group has agreed to sell small-cap broking business Arden Partners (AIM:ARDN) barely more than six months after it was acquired.

The legal firm blamed the dire state of London’s small-cap market currently, with deals delayed and continued pressure on Arden’s revenues and operating margins.

Ince bought Arden for £10mln through an all-share deal that was finally completed at the end of last April but said today that the broker’s revenues had "declined significantly" from the £9.3mln recorded in the year to October 2021 and it is loss-making currently.

Zeus Group, another small-cap broker, has agreed to buy Arden for effectively nothing, with the £1mln consideration based on there being that amount of free cash in the business. There is an earn-out of up to £2mln based on future revenues.

 

Edited April 12, 2023 by spygirl

[reformed nice guy]

All the fully trained lawyers coming across by dinghy must be eating into their market share

[Phil]

AI will be to them what the Eastern Europeansdid to the building trade . Pmsl. Fuck em

[spygirl]

21 hours ago, Phil said:

AI will be to them what the Eastern Europeansdid to the building trade . Pmsl. Fuck em

Is CHatGOT hat stupid?

Seriously, buying a firm for 10m (in stock yes then sellign ti 6 months later.

 

[HousePriceMania]

I never cry for bankers, politicians, 2nd hand house/car sales people or lawyers.

 

fuck 'em all.

[leonardratso]

1 hour ago, HousePriceMania said:

I never cry for bankers, politicians, 2nd hand house/car sales people or lawyers.

 

fuck 'em all.

will you cry for argentina though

[HousePriceMania]

11 hours ago, leonardratso said:

will you cry for argentina though

I told the Argies not to cry for me, so no.

[No One]

On 11/04/2023 at 19:50, Funn3r said:

Explain? Genuine question, I failed to understand any of it.

Which one?

[Funn3r]

7 minutes ago, No One said:

Which one?

The nonsense one.

[Pip321]

On 12/04/2023 at 19:31, spygirl said:

Google feeds me legal news after browsing some legal comings n goings.

Anyhow, another day, another largish firm going under.

Stricken Ince appoints administrator as money runs out

By John Hyde12 April 2023

https://www.lawgazette.co.uk/news/stricken-ince-appoints-administrator-as-money-runs-out/5115703.article

Ince is one of the biggest law firms to have entered administration in recent years. As of 2021, when the latest accounts were produced, the company employed 701 people and had 338 fee earners. But the 2021 figures indicate financial difficulties: the firm reported profits of just £300,000, on revenue up by 4% to £100.2m. Diluted earnings per share were just 0.5p in 2021 down from 11.4p in 2020, and net debt remained above £6.5m.

Profits bounced back in the six months to 30 September 2021 – increasing by 9.4% - but this was followed by a nightmare 2022 characterised by cyber attacks, profit warnings and a tumbling share price.

I note another cyber attack. Maybe it was. Maybe they cut corners on IT - legal firms, despite what you may think are notorious for sailingr close to wind on stuff.

I wonder if the legal sector is descending into the same low earnings n humiliation that accounting did from the 90s.

The Ltd Co setup has been a disaster.

Dont get me wrong. Still a good earning to be made. But not as lucrative or as easy.

 

INCE GROUP STRIKES DEAL TO ACQUIRE ARDEN PARTNERS

 27 Oct 2021  National  Deals  Laurence Kilgannon

Legal and professional services business The Ince Group is set to acquire Arden Partners after the corporate adviser and stockbroker's board recommended a £10m all-share offer to shareholders.

Arden was founded in 2002 by senior figures from Albert E Sharp and Old Mutual Securities and was listed on AIM in 2006. Today it has 40 public clients and approximately 60 public companies under research coverage with an average market capitalisation of £256m.

The offer from Ince entitles Arden shareholders to receive seven Ince shares in exchange for every 12 Arden shares.

Ince chief executive Adrian Biles said: "My team and I have been working with Donnie Brown and the Arden team since 2017 and we have developed a strong relationship of mutual respect.

....

Ince Group disposes of broker Arden after just six months

08:14 Wed 16 Nov 2022

Philip Whiterow

ViewThe Ince Group PLC

AIM:INCE

Tough conditions in small-cap broking prompted the sale, says legal group

Ince Group has agreed to sell small-cap broking business Arden Partners (AIM:ARDN) barely more than six months after it was acquired.

The legal firm blamed the dire state of London’s small-cap market currently, with deals delayed and continued pressure on Arden’s revenues and operating margins.

Ince bought Arden for £10mln through an all-share deal that was finally completed at the end of last April but said today that the broker’s revenues had "declined significantly" from the £9.3mln recorded in the year to October 2021 and it is loss-making currently.

Zeus Group, another small-cap broker, has agreed to buy Arden for effectively nothing, with the £1mln consideration based on there being that amount of free cash in the business. There is an earn-out of up to £2mln based on future revenues.

 

We should have done sympathy. It’s difficult in business nowadays. I guess this firm has to pay in advance for:

Machinery (nope),

Factory space (nope)

Huge energy consumption for manufacturing (nope)

Research and Development (nope) 

Mining and exploration (nope)

Bunch of chancers drawing huge amounts in salaries from a business and then going bankrupt with debt written off. Loads of businesses produce fuck all, do fuck all and kept afloat with pretend accountancy finance wizardry. The ‘owners’ should be allowed into business again but I bet everyone is up and running in a few months time with a new name, new debt, new salaries and same old story  

Never mind…🤦🏻‍♂️

Edited April 23, 2023 by Pip321

[spygirl]

And another.

Similar model volume stuff and ambulance chasing.

https://www.law.com/international-edition/2023/06/07/plexus-law-files-intention-to-appoint-administrator/?slreturn=20230507060201

700 Leeds, which has loads of these law endvlume law firms.

 

 

 

 

[spygirl]

https://www.lawgazette.co.uk/news/net-debt-of-listed-dwf-surges-past-100m/5117053.article

[spygirl]

Listed in 2019.

Clusterfuck.

DWF employs over 4,000 people across 30 key locations and has steadily grown its international presence in response to client demand.

In 2019 and 2020, DWF expanded its international footprint by opening a new office in Warsaw, Poland and acquired Mindcrest Inc. to establish offices in Chicago and New York, USA, and Pune, India. DWF also acquired RCD in Spain and now has offices in Barcelona, Madrid and Valencia, Spain as part of its strategic growth plans.

DWF was the first UK legal business to achieve the ‘Disability Confident’ accreditation, which highlights the firm as an inclusive recruiter of disabled talent, and is a Top 30 Employer for Working Families. The business also has its own charitable enterprise, the DWF Foundation, a registered charity aimed at providing funds and support to local charities and programmes focused on education, employability, health and wellbeing and homelessness.

 

 

[spygirl]

https://www.thelawyer.com/dwf/

Having started out in 1977 as an insurance litigation practice, DWF, once known as Davies Wallis Foyster, was originally a Liverpool and Manchester firm, though it now has 30 offices across the world including 11 in the UK.

Perhaps in an attempt to shake off its image as an unglamorous northern practice, as it has grown DWF has made some decisions that have added the aura of prestige: office moves into landmark buildings such as the Walkie-Talkie in London and the Spinningfields complex in Manchester, for example.

The hire as chairman of former DLA Piper chief and legend of the profession Sir Nigel Knowles would probably also count as a glamour move. It is a logical one, however, as the parallels between DLA Piper and DWF are clear. DLA Piper emerged from the north of the UK to become one of the world’s largest firms; DWF clearly has similar ambitions.

Sir Nigel was the guiding light behind DLA Piper’s rise to prominence; at DWF that role was taken by managing partner Andrew Leaitherland.

Leaitherland took up the role when it was created in 2006. He took the reins aged 36, one of the country’s youngest managing partners. He went on to transform a regional firm with a turnover of £34m into an increasingly international outfit. Four elections in a row (2009, 2012, 2014 and 2017) have all been uncontested. The firm’s CEO of insurance services Paul Berry holds the honour of being the only person ever to have run against Leaitherland, in that very first election.

The bulk of geographic expansion has come in the last decade: as recently as 2011 DWF had just five UK offices while its very first international outpost, in Dubai, opened in 2015.

The firm opened its London office in 2008, but the key growth spurt came in 2012 and 2013 through a series of domestic mergers with Buller Jeffries of Birmingham, Crutes of Newcastle, Biggart Baillie of Glasgow and Edinburgh and Fishburns of London. Also in 2013, DWF acquired the bulk of Cobbetts after its demise in 2013, through a pre-pack administration. This spate of mergers increased the firm’s size dramatically: by way of example, it went from having 16 trainees in 2011 to 95 in 2013.

[spygirl]

Due to my interest in the Lawless .... I get regualr SRA articles/cases pushed ot my google.

The number of, lets say, brown n black surnames, that featuire in the fuckwittery is eyebrow rasiing.

To the point where Id seriously *NOT* use a brown or black lawyer.

Anyhow, todays fuckwittery, which is just jaw dropping WTF!???

Former Axiom Ince boss admits using client money to fund law firm takeovers (thebusinessdesk.com)

The former boss of the acquisitive legal group Axiom Ince has admitted to using client money to fund the purchase of Plexus Law and Ince earlier this year.

Managing partner Pragnesh Modhwadia confirmed in an affidavit that £64m taken from client accounts had mostly been spent. It had also been used to buy six properties and fund construction work on another seven.

Leeds-headquartered Plexus collapsed in July, but was acquired by Axiom Ince in a pre-pack deal that saved 540 jobs.

Modhwadia is being investigated by the Solicitors Regulation Authority for “dishonesty”, although the regulator has not intervened in the wider firm.

The High Court has now extended a freezing order against Modhwadia to £64m while Axiom Ince prepares to issue a claim against its former leader, according to reports in the Law Society Gazette

 

https://www.lawgazette.co.uk/news/axiom-ince-owner-admits-64m-is-gone/5117204.article

Modhwadia was one of three Axiom Ince directors suspended by the Solicitors Regulation Authority last month (the firm remains open). The regulator said he was subject to intervention on the basis of suspected dishonesty and a failure to comply with Solicitors Act rules.

The High Court heard an application today from Axiom Ince to extend a freezing order on Modhwadia, ahead of the firm issuing a claim against him for alleged breach of fiduciary duty.

Simon Passfield, for Axiom Ince, said that ‘at least’ £57m was missing from the client account as of 30 June and since then there had been a further three transfers worth a total of £7m.

Passfield said the affidavit contained an ‘astonishingly frank admission’ that ‘not a single penny of [the £64m) is accounted for’.

The judge had previously issued the freezing order for a sum of £57m but agreed to extend this based on the update provided by Modhwadia.

‘There is a very large sum of money that has gone out of the client account and the claimants [Axiom Ince] are entitled to the fullest protection in relation to their claim and the recovery of those amounts,’ said Green. ‘It seems to me pretty obvious that the freezing order should cover the full amount of what is clearly going to be the claimants’ claim. In the light of the information provided by the defendant it is difficult to see how there can be any proper objection to the freezing order covering the full amount that appears to have been taken in all likelihood wrongfully from the client account.’

[marceau]

5 minutes ago, spygirl said:

Due to my interest in the Lawless .... I get regualr SRA articles/cases pushed ot my google.

The number of, lets say, brown n black surnames, that featuire in the fuckwittery is eyebrow rasiing.

To the point where Id seriously *NOT* use a brown or black lawyer.

Anyhow, todays fuckwittery, which is just jaw dropping WTF!???

Former Axiom Ince boss admits using client money to fund law firm takeovers (thebusinessdesk.com)

The former boss of the acquisitive legal group Axiom Ince has admitted to using client money to fund the purchase of Plexus Law and Ince earlier this year.

Managing partner Pragnesh Modhwadia confirmed in an affidavit that £64m taken from client accounts had mostly been spent. It had also been used to buy six properties and fund construction work on another seven.

Leeds-headquartered Plexus collapsed in July, but was acquired by Axiom Ince in a pre-pack deal that saved 540 jobs.

Modhwadia is being investigated by the Solicitors Regulation Authority for “dishonesty”, although the regulator has not intervened in the wider firm.

The High Court has now extended a freezing order against Modhwadia to £64m while Axiom Ince prepares to issue a claim against its former leader, according to reports in the Law Society Gazette

 

https://www.lawgazette.co.uk/news/axiom-ince-owner-admits-64m-is-gone/5117204.article

Modhwadia was one of three Axiom Ince directors suspended by the Solicitors Regulation Authority last month (the firm remains open). The regulator said he was subject to intervention on the basis of suspected dishonesty and a failure to comply with Solicitors Act rules.

The High Court heard an application today from Axiom Ince to extend a freezing order on Modhwadia, ahead of the firm issuing a claim against him for alleged breach of fiduciary duty.

Simon Passfield, for Axiom Ince, said that ‘at least’ £57m was missing from the client account as of 30 June and since then there had been a further three transfers worth a total of £7m.

Passfield said the affidavit contained an ‘astonishingly frank admission’ that ‘not a single penny of [the £64m) is accounted for’.

The judge had previously issued the freezing order for a sum of £57m but agreed to extend this based on the update provided by Modhwadia.

‘There is a very large sum of money that has gone out of the client account and the claimants [Axiom Ince] are entitled to the fullest protection in relation to their claim and the recovery of those amounts,’ said Green. ‘It seems to me pretty obvious that the freezing order should cover the full amount of what is clearly going to be the claimants’ claim. In the light of the information provided by the defendant it is difficult to see how there can be any proper objection to the freezing order covering the full amount that appears to have been taken in all likelihood wrongfully from the client account.’

This is gradually spreading upwards in all fields. It'll get worse as the regulatory bodies are filled with these names in increasing numbers. At that point you may as well just throw the whole system into the bin, it'll be doing the opposite of its original purpose.

[spygirl]

Id point out that the firm that I posted abotu at the start, was bought by the firm Ive just posted about, which was using cient money.

I mena, these are law firms, FFS.

Its like Ferrari buying a box with a wheel in each corner and being told its an EV car.

 

[spygirl]

On 14 August 2023 the SRA intervened into the individual practices of Pragnesh Modhwadia, Idnan Liaqat and Shyam Mistry of Axiom Ince Ltd.   The SRA has not intervened into the firm Axiom Ince Ltd which continues to trade.

[spygirl]

9 hours ago, marceau said:

This is gradually spreading upwards in all fields. It'll get worse as the regulatory bodies are filled with these names in increasing numbers. At that point you may as well just throw the whole system into the bin, it'll be doing the opposite of its original purpose.

Cake - Patissier Valerie has *finally* hit the courts.

The SFO, which opened a probe into the bakery in 2018, has charged Christopher Marsh, a former chief financial officer of the high street bakery chain, as well as his wife, accountant Louise Marsh. It has also brought charges against former financial controller Pritesh Mistry and financial consultant Nileshkumar Lad.

Another Mistry, which is a Parsi surname.

 

[One percent]

9 hours ago, spygirl said:

Due to my interest in the Lawless .... I get regualr SRA articles/cases pushed ot my google.

The number of, lets say, brown n black surnames, that featuire in the fuckwittery is eyebrow rasiing.

To the point where Id seriously *NOT* use a brown or black lawyer.

Anyhow, todays fuckwittery, which is just jaw dropping WTF!???

Former Axiom Ince boss admits using client money to fund law firm takeovers (thebusinessdesk.com)

The former boss of the acquisitive legal group Axiom Ince has admitted to using client money to fund the purchase of Plexus Law and Ince earlier this year.

Managing partner Pragnesh Modhwadia confirmed in an affidavit that £64m taken from client accounts had mostly been spent. It had also been used to buy six properties and fund construction work on another seven.

Leeds-headquartered Plexus collapsed in July, but was acquired by Axiom Ince in a pre-pack deal that saved 540 jobs.

Modhwadia is being investigated by the Solicitors Regulation Authority for “dishonesty”, although the regulator has not intervened in the wider firm.

The High Court has now extended a freezing order against Modhwadia to £64m while Axiom Ince prepares to issue a claim against its former leader, according to reports in the Law Society Gazette

 

https://www.lawgazette.co.uk/news/axiom-ince-owner-admits-64m-is-gone/5117204.article

Modhwadia was one of three Axiom Ince directors suspended by the Solicitors Regulation Authority last month (the firm remains open). The regulator said he was subject to intervention on the basis of suspected dishonesty and a failure to comply with Solicitors Act rules.

The High Court heard an application today from Axiom Ince to extend a freezing order on Modhwadia, ahead of the firm issuing a claim against him for alleged breach of fiduciary duty.

Simon Passfield, for Axiom Ince, said that ‘at least’ £57m was missing from the client account as of 30 June and since then there had been a further three transfers worth a total of £7m.

Passfield said the affidavit contained an ‘astonishingly frank admission’ that ‘not a single penny of [the £64m) is accounted for’.

The judge had previously issued the freezing order for a sum of £57m but agreed to extend this based on the update provided by Modhwadia.

‘There is a very large sum of money that has gone out of the client account and the claimants [Axiom Ince] are entitled to the fullest protection in relation to their claim and the recovery of those amounts,’ said Green. ‘It seems to me pretty obvious that the freezing order should cover the full amount of what is clearly going to be the claimants’ claim. In the light of the information provided by the defendant it is difficult to see how there can be any proper objection to the freezing order covering the full amount that appears to have been taken in all likelihood wrongfully from the client account.’

Local law firm here got shut down for summat illegal. Yorkshire law i think it was called. Mind, the good news is that their old Georgian stone building is going to be fhl.  

[spygirl]

This looks like a biggy now -

https://www.lawgazette.co.uk/news/axiom-ince-close-to-break-up-as-more-lawyers-exit/5117346.article

[spygirl]

Bigger n bigger.

Im suprised this hasnt made more of a splah on national news.

https://www.rollonfriday.com/news-content/police-swoop-axiom-ince-implodes

 

[spygirl]

The fall out from this Indian lawyer entrepreneur is going to be massive.

If you are unlikely enough to socialise with solicitors i nthe last 10y all you here them whinge about is the cost of PI insurance.

Its a major problem.

There was an issue a few years back where a major provider of PI withdrew/blew up/found to be fraudulent - I cant remember which, which left loads of smallish law firms without PI, so they had to shut or scrabble around and pay stupid sums. A lot of law firms with older partners just shut up shop.

Law PII has become so expensive cos there are so many really bad, bent lawyers dipping into little old ladies piggy banks.

Anyhow, the underlying chat on a lot of the comments of this fuckwittery is people going - WTF is going to happen to PI cost?

 

 

[One percent]

3 minutes ago, spygirl said:

The fall out from this Indian lawyer entrepreneur is going to be massive.

If you are unlikely enough to socialise with solicitors i nthe last 10y all you here them whinge about is the cost of PI insurance.

Its a major problem.

There was an issue a few years back where a major provider of PI withdrew/blew up/found to be fraudulent - I cant remember which, which left loads of smallish law firms without PI, so they had to shut or scrabble around and pay stupid sums. A lot of law firms with older partners just shut up shop.

Law PII has become so expensive cos there are so many really bad, bent lawyers dipping into little old ladies piggy banks.

Anyhow, the underlying chat on a lot of the comments of this fuckwittery is people going - WTF is going to happen to PI cost?

 

 

I would never, ever do business with an indian. To think people are stupid enough to use one for legal matters beggars belief.  

[spygirl]

https://www.lawgazette.co.uk/news/axiom-ince-compliance-expert-calls-for-inquiry-into-sra-/5117706.article

Maher’s call comes as solicitors brace for a hefty potential cash call arising from the £64m ‘black hole’ in Axiom Ince’s client account and intervention costs that are expected to total £15m. In theory, every practising solicitor could face a one-off levy of £400 just to cover the potential impact on the Compensation Fund