30 top end law firms in serious financial difficulty

Reported in the Law Gazette today that 30 of the top 200 law firms are in difficulty with a further 160 at risk with 8 in immanent danger.

Some you may say good riddance to bad rubbish which is fair enough, but on the other side of the coin, think of those people who for example have complex ongoing personal injury cases after a bad bike crash and they have to now have their case management passed to another firm who may not have the same interest or expertise.

Anyway, full story here

http://www.lawgazette.co.uk/news/30-high-impact-firms-serious-financial-difficulty

 

Link works for me OK. It is a bit of a slow site however.

What you have to be careful of is branding all law firms as ambulance chasers. Yes they are out there, usually those who deal with the bottom end stuff and are now only being paid £800 for a case valued at under £25,000, they will claim for their own grandmothers broken fingernail given half a chance.

But I think that is where part of the problem lies in that these bottom end firms along with the claims management firms have tarnished the reputation of everyone in the industry and so the perception is that every law firm is an ambulance chaser even though there are many who do not touch PI or Clin Neg.

 

I know it is harsh out there,I don't think the top end has seen the effects of this recession yet.The media still think it is turning for the better.The Gov't is pouring out figures that look good but isn't.And the banks get bailed out,still pay themselves millions who started this mess in the first place.
I talk to all types of people who own their own businesses on shoots (Clays) forums and customers in my shop, not one I know is doing extremely well.A few who have 20+ staff have gone bankrupt through not being paid by the bigger boys,councils and banks.They are trying allsorts of tricks to withold payments.Work is drying up everywhere and everyone is shafting everyone.If you give credit at work rein it in and be ruthless cos you could be next.Anarchy could be next.