The financially pressed European arm of international firm King & Wood Mallesons (KWM) has confirmed that it is to appoint administrators. A statement released today said the move ‘is designed to protect the firm from its creditors and allows it to maintain client service as it continues to explore all available options’.
An announcement had been widely expected since the collapse of takeover talks for the practice, which has debts of £30m, but not until next year. Today’s statement said: ‘The firm’s management team and financial advisers continue to work to ensure the best possible outcome for clients and staff, and this move supports these efforts at a key point for the business.’
In the latest senior departure from the firm, Keystone Law announced today that partner Jeremy Schrire, head of both KWM's commerce and technology team and the consumer and retail group, will be joining it in the new year.
Magic circle firm Allen & Overy revealed earlier this week that it had received 'numerous approaches in recent days from KWM’s current and future trainees'.