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New firm falls victim to GFC

New firm falls victim to GFC

A 190-year-old law firm has become the latest victim of the global economic crisis.


British firm, Lees Lloyd Whitley (LLW), has been seriously affected by the downturn in the UK housing market, a major area of its practice. 


Last night the firm’s partners announced LLW is being broken up and will file for administration. The firm's establishement can be traced back to the formation of Whitley & Co, in Liverpool, in 1820.


The demerger comes following the loss of some major clients, coupled with the scarce amount of remortgaging work available.


It appears the majority of its 90 staff will lose their jobs, though some will be transferred.


The firm had previously reduced its staff numbers by around 60 since it relocated into a new three-storey building at Riverside Park, in Bromborough, at the start of 2008.


The firm’s work will be split across three law firms in Merseyside and Cheshire.


Wirral Council’s deputy chief executive Jim Wilkie, expressed his disappointment at LLW’s closure.


He said: “A Wirral company for over 100 years, the partners have been some of Wirral’s most proactive and supportive business advocates in recent times, and I am pleased that their expertise has largely been retained through new partnerships with other firms.

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