The merger between UK firms Manches and Penningtons has proceeded with the creation of a firm that follows the stalling of Manches’ following its failed attempt to merge with Halliwells in 2009.
Manches has suffered financial reversals with a major drop in profits in the last financial year, with profits dropping by over 40 per cent to £2.15 million and its partnership income dropping significantly as well. One of their legal stars, family law partner Helen Ward left for Stewarts Law, a competitor firm, last year following four other Manches partners to make the move.
The Pennington’s move will see 265 employees and 46 partners move to the new, merged firm. The Lawyer reported Chief Executive of the new firm, David Raine, saying:
“This agreement fits with our strategic aims and responds to the ever-changing legal environment in which we now operate. The synergy between Penningtons and Manches was evident early on in our discussions and by joining forces we will be able to offer an enhanced level of expertise to all our clients. The strong reputation and combined experience of our people will enable us to maximise our potential in our core practice areas and in the key sectors in which we operate.”
