The law firm best known as the legal advisor to satirical newspaper Private Eye has been sold out of administration via a pre-pack deal.
London-based firm Davenport Lyons LLP entered administration last week (25 April) as a precursor for a pre-pack sale to niche law firm Gordon Dadds LLP.
As part of the purchase, Gordon Dadds has acquired the client portfolio of Davenport Lyons.
The Davenport Lyons client database, the majority of its assets and nearly all of its staff and partners will join Gordon Dadd.
Adrian Biles, managing partner of Gordon Dadds, said: “We are delighted to have the opportunity to work with so many of the excellent people and clients of Davenport Lyons. The additional intellectual capital and depth of expertise will add to our capabilities.
“It will benefit current and future clients and enable us to expand our activity across new disciplines, helping us to achieve our goal of positioning Gordon Dadds LLP as a centre of excellence for all aspects of corporate, commercial, real estate, dispute resolution, employment, intellectual property, media and technology and private client and family law.”
Davenport Lyons had seen revenues drop by 11%, posting a revenue figure of £21.9m for the year ending 31 April 2013.
Gordon Dadds was also involved in a pre-packaged sale of Harris Cartier LLP, which entered administration in Ocotber following failure to put in place Professional Indemnity insurance cover before the legal regulator’s October 1 deadline.