20 January 2014

More boutique closures predicted in Australia

Lack of succession planning, rather than financial problems, will see the closure of more small Australian law firms, according to a legal consultant.

By Neasa MacErlean

According to a legal consultant, the lack of succession planning will see the closure of more small Australian law firms Pressmaster

Philip Gleed, formerly managing partner of Rigby Cooke, now head of Gleed Legal, predicts that other firms will follow Langes+ and Karp Steedman Ross-Adjie which have just announced their closures. He said: 'A lot of managing principals simply take out of the business what they can while it’s trading well and they don’t plan for the future. They build it up and there’s no one there to take it over when that fateful day comes where they’ve virtually just got to close the doors.' Source: Lawyers Weekly

 

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