Scottish law firm Semple Fraser to enter administration
- 6 March 2013
- From the section Scotland business
Scottish law firm Semple Fraser has confirmed its intention to appoint an administrator, putting more than 100 jobs at risk.
The company, headquartered in Glasgow, was formed in 1993 and has 20 partners and about 100 staff.
Its move has been attributed to the economic downturn.
Semple Fraser partners said that, following an exhaustive review of the business, it had decided it "is no longer sustainable".
The firm focused on a number of specialist sectors, including property, renewables, construction, finance and waste with offices in Glasgow, Edinburgh and Manchester.
On Tuesday, the company had announced it had launched a strategic review and was assessing options "for the future of the firm".
In 2010/11, Semple Fraser posted revenues of £12.2m, an increase of 10% on the previous year, but the figure was still lower than before the 2008 crash.
The firm's turnover was £15.4m in 2006/07.
Managing Partner Simon Etchells said: "It is with great regret that, after having considered every possible option to secure the future of the business, it was clear that administration is the only option."
Lorna Jack, chief executive of the Law Society of Scotland, said: "It is very sad news to hear that Semple Fraser is to go into administration.
"Many law firms have struggled during the economic downturn. However, that is no consolation to those who make the difficult decision to close their business and the impact it has on their colleagues."
Accountant RSM Tenon has been declared as the nominated administrator.