Two regional firms have announced the purchase of files from one of the firms that failed to find indemnity insurance before 1 October.
In a statement, Neil Hudgell Solicitors said it had bought a book of work ‘with a seven-figure valuation’ from the administrators of Harris Cartier, a litigation and corporate law firm based in London.
The statement said Harris Cartier was the first firm to be placed into administration of the 175 that did not secure insurance in this year’s renewal period.
Neil Hudgell (pictured), managing director at Neil Hudgell Solicitors, said: ‘The acquisition from Harris Cartier is part of our wider and ongoing growth strategy. The establishment of a London base is also fundamental to our plans and has been on the radar for a while. We will now be actively seeking premises in the capital and staff with a view to be open by the end of the month.
‘We anticipate that the acquisition from Harris Cartier will also be a prelude to further deals as other firms fail to obtain PI insurance cover and seek to dispose of work.’
The statement said the acquisition by Neil Hudgell Solicitors is of mostly high value and catastrophic injury work.
Neil Hudgell started its webuyanyfiles.com website, for the purchase of legal practices and files, in 2011, and has so far completed more than 20 deals.
Mayfair firm Gordon Dadds has bought the remainder of the firm, which will mean the arrival of eight solicitors from Harris Cartier who specialise in company and commercial, private client, and commercial litigation and property law.
The transaction follows the recent establishment of Gordon Dadds Consulting LLP, which offers a range of risk management and compliance, HR and actuarial consulting services.
Neil Hudgell and Gordon Dadds both said they would contact Harris Cartier clients to ensure a smooth transition of their files.
According to its website, Harris Cartier, which traces its origins to 1922, operated from offices in London and Slough with 26 senior managers, solicitors and trainees.