Axiom DWFM has acquired failed law firm The Ince Group out of administration, resulting in the retention of nearly 700 jobs.

The law firm had entered administration on April 12th following the suspension of its shares on January 3rd.

Axiom is an aggressive ‘lawyer on demand’ (LOD) model legal group that is based in the United States and has been growing its business.

The auditing process was cited as the reason for the collapse, as it created mounting pressure on the company’s cash flow. Ince sought discussions with its lenders, creditors, and HMRC, but one major creditor withdrew its support, forcing the company into administration.

The pre-pack deal was implemented by Quantuma Advisory. Axiom DWFM has purchased the legal business and its associated assets, and the new entity will operate under the name Ince & Co.

The acquisition will simplify the corporate and capital structure under professional ownership, according to Donald Brown, the CEO of Ince & Co.

“We are underpinned by a group of immensely talented lawyers with deep expertise in our key sectors,” Brown said.

“After taking over the management of the [publicly listed] group, it quickly became apparent that we needed to address a series of poorly structured and executed transactions and expansions.”