Outfit set to appoint administrators; but where does this leave rookies and TC holders?
Listed law firm Ince has fallen into administration raising questions over the future of both its current and future trainees.
A statement to the London Stock Exchange this afternoon said a major creditor decided to no longer continue to support the business and so the board “regrettably concluded” to appoint an administrator to protect the interests of staff.
Insolvency firm Quantuma will be appointed as administrator with the expectation that it will sell the group to a third party as soon as possible.
Our Firms Most List 2023 shows Ince takes around 12 trainees each year, totalling 24 across the two-year training contract. There are potentially the same number of future trainees whose training contracts hang in the balance as the firm recruits two years in advance.
A firm spokesperson told Legal Cheek that they were currently unable to provide any additional comment beyond what is in the statement.
Ince has repeatedly missed deadlines to publish its accounts. Today’s announcement states the audit process for the year ended 31 March 2022 remains uncompleted and shares have been suspended since the start of the year. “The length of the auditing process has put increasing pressure on the cash flows of the business,” the announcement said.