Top-100 firm Manches has been sold to rival Penningtons in what appears to be the legal sector’s latest pre-pack administration deal.
The agreement to acquire Manches was announced yesterday and completed following the appointment of PricewaterhouseCoopers as administrators to enable a sale of the business and assets to take place.
Penningtons Manches will be the new name for the merged firm, incorporating 265 Manches employees, including 46 partners.
The combined turnover of Penningtons and Manches’ practices is £58m. Penningtons Manches is now represented in seven locations - London, Basingstoke, Cambridge, Godalming, Guildford, Oxford and Reading, with 115 partners and over 600 staff.
David Raine (pictured), chief executive of Penningtons who will remain in charge of the new firm, said: ‘The legal market is constantly evolving and we do not believe that standing still is an option for any strong, progressive law firm. Our two practices have recognised credentials, providing high-calibre advice to UK and international clients.
‘We will continue to seek opportunities to enhance the quality and efficiency of every aspect of our work and to ensure that we service clients of both Penningtons and Manches to the very best of our ability.’
In addition to adding depth to its corporate, commercial, employment, property and litigation practice areas, the business transfer will integrate its private client team with Manches’ market-leading family practice. It also reinforces its sector capabilities, particularly in technology, education and banking.’
Penningtons is based in the City of London, Cambridge, Hampshire and Surrey and has 67 partners and 360 staff in total.
Its main areas of practice are dispute resolution, corporate and commercial, real estate and private client, provided through its business services, real estate and private individuals divisions.
It merged with Dawsons Solicitors and acquired City firm Wedlake Saint in 2011.