It may be over 150 years old, but Scottish law firm Tods Murray LLP has struggled to meets costs and was placed in administration this week. The result is likely to be the loss of around 50 law jobs.
Tods Murray was bought out by rival law firm Shepherd & Wedderburn following the appointment of the administrators.
Herald Scotland reports that part of the firm’s problems were understood to be the high costs of its office in Edinburgh’s Fountainbridge. More than a third of staff are now expected to be made redundant.
The Law Society of Scotland said the firm’s decline represented “the loss of a long-established and very highly regarded Scottish law firm”.
Society chief executive Lorna Jack said: “We are very sad to hear that Tods Murray has gone into administration.
“We are confident however that arrangements are being put in place to ensure that there is as little disruption as possible to the firm’s clients. While all Tods Murray staff will transfer to Shepherd and Wedderburn, we are very aware that this will be a difficult and uncertain time for everyone affected by today’s announcement.”
The society added that the news demonstrates that even as the economy shows signs of recovery, law firms “cannot take things for granted”.