Carrying around £30m worth of debt and emerging from the wreckage of several failed attempts to recapitalise the firm, it is now understood that King & Wood Mallesons’ EUME arm will be heading for administration in the new year. While a spokesperson for the firm declined to confirm that planned administration date, sources reported to Legal Business that staff were told of the firm’s expected move into administration last week. Though many partners have already secured positions at new firms, remaining staff were reportedly told that they will no longer be required to give notice to the firm. The spokesperson said: ‘Our priority is to secure the best possible outcome for our clients and people. We continue to work with our financial advisers to explore all available options and, in the interim, speculation and rumour serve no positive purpose.’ Several firms are understood to be in discussions to take on chunks of KWM’s European team – among them, Reed Smith and Mayer Brown.

Sources: Legal Business; Law Society Gazette