London-based law firm Jeffrey Green Russell has merged with legal and consultancy group Gordon Dadds, following a pre-pack administration.
Under the terms of the deal, completed late on Friday October 2, most of the current directors of Jeffrey Green Russell will become partners of Gordon Dadds, simultaneously transferring their clients and practice teams over to the merged firm.
The merger will see Gordon Dadds become a full-service, £30m professional services firm encompassing multi-jurisdictional litigation and FTSE 100 consulting to compliance, HR, workplace benefits and personal tax advice.
Jeffrey Green Russell’s chairman Philip G Cohen said: “We are well known for our heavyweight litigation, lending, commercial and licensing expertise and see joining with Gordon Dadds as the best way of improving the depth, breadth and coverage of our service to our clients.
“This sort of commercial model offers a way forward for the ambitious professional services firm of the future.
“Unfortunately, we could not take all our support services staff with us – I am extremely grateful to them for their past services to us – but we are already helping them to find new jobs within a buoyant London economy.”
He added: “Our fee-earners are hugely enthusiastic for this deal and for what they will be able to achieve in their new home.”
Jeffrey Green Russell initially filed a notice of intention to appoint administrators on September 30.
International law firm Pinsent Masons, along with turnaround and restructuring specialists Quantuma, advised Jeffrey Green Russell on the pre-pack.
Andrew Hosking and Simon Bonney of Quantuma were appointed joint administrators on October 2, following which they executed the sale to Gordon Dadds.
Hosking, who led the negotiations, said: “The sale to Gordon Dadds not only preserves jobs and the interest of the firms’ clients but also represents the best return to creditors.
“In relation to client monies, these will be migrated over to GD but any specific queries in relation to client account monies should be addressed to the solicitor manager, Sam Palmer of Ashfords.”
The Pinsent Masons team advising on the deal was led by restructuring partner Steven Cottee assisted by Serena McAllister and Bhaljinder Mander.
Cottee said: “We were delighted to assist Jeffrey Green Russell in completing a pre-pack sale to Gordon Dadds. This deal has helped protect the interests of a significant number of employees and clients of the firm.”
By Marcel LeGouais