A firm of solicitors based in the north-east has become the latest to enter administration as the legal sector continues to struggle.
Swinburne & Jackson LLP has appointed administrators with between 40-50 staff expected to be made redundant.
Headquartered in Gateshead, the firm had offices in Hexham, Chester-le-Street, Washington and Ryton.
Gordon Goldie and Matthew Higgins of Tait Walker in Newcastle were appointed joint administrators on 3 February, with the firm’s accounts showing debts of over £800,000.
Speaking to Insolvency News, Goldie said: “It is a tragedy that a firm that has been going as long as this has to close.
“It is indicative of the state of the legal industry at the moment.”
Accounts filed with Companies House show the firm owed £674,866 to creditors within one year, and £125,365 in loans and debts to members.
The Solicitors Regulations Authority confirmed its awareness of the firm’s closure and a spokesperson said the regulator is working with the firm on an “orderly wind-down”.
Two other legal firms have entered administration so far this year – Lealaw Limited and Barnetts Solicitors – although industry experts are warning this figure will increase sharply as the sector continues to struggle under the weight of its current woes.
Insolvency Today managing editor Fred Crawley took a closer look at the issues affecting the legal sector in a recent feature, which can be accessed here.