The death knell has sounded for an alternative business structure that entered the sector loudly but has left with barely a whimper.
Leeds firm Genus Law was prepared for closure within a month of insolvency experts being drafted in to liquidate the business.
All client matters have been transferred, with most going to Alt Legal Limited, trading as Alpaca, which is also based in Leeds.
It marks an ignominious end for Genus Law, which was the revised name for ABS Brilliant Law, a business which launched in January 2013 onto the legal sector with backing from Betfair founder Bert Black.
But within 18 months, the firm had changed its name and lost director Matthew Briggs, who has since gone on to start comparison website Law Superstore. According to Companies House records, former BSkyB director Jeremy Fenn resigned from the board in December 2015.
Financial advisory firm Armstrong Watson LLP today confirmed it had been engaged by Genus to find a firm to acquire ongoing matters, client relationships and successor practice status, as well as engage with the SRA.
Tom Blandford, legal sector director at Armstrong Watson, confirmed the entire transaction was completed within a month. He added: ‘It has been a very busy few weeks for all involved, but I am delighted that the Genus clients will continue to receive the exceptional levels of service they are used to.
‘I am also very pleased that many of the staff have found new roles. I would like to thank them all for bearing with us over the last four weeks whilst we have worked hard alongside the Genus directors to make these arrangements.’
Genus was designed as a commercial practice based on a corporate rather than partnership structure. It targeted small and medium sized businesses and start-ups with the promise of a fixed-fee service.
Alpaca is a multi-disciplinary business which offers legal and financial advice, consultancy and HR management.
Armstrong Watson said the successor firm’s ‘agile business model’ allows it to respond quickly to avoid disruption to clients and to offer continuity of service. The firm works on fixed fees across corporate and employment law.