Tods Murray is not going bust, writes David Dunsire in the Scotsman today .. but, should it be that dear old Tods Murray, need a sub, they could always ask the Law Society for a bail out .. however that might be at the risk of being called “chancers” by others in the legal profession …
From the Scotsman letters :
Published Date: 15 March 2009
IN AN era where the media is often criticised for spreading bad news, I welcomed your article 'One in 10 solicitors axed as law firms hit by worst recession' (March 8). The law is a profession that finds it difficult to deal openly with such issues. Yet these are unprecedented times and lawyers, too, need to face up to the unique challenges we face.
Traditional areas of stable growth and prosperity such as property and corporate M&A transactions have been extraordinarily hit and the legal marketplace is having to adjust quickly and robustly. A lot of hard commercial decisions have to be taken to cut costs and generate and support additional sources of business.
But things are being made tougher for firms such as ours as unfounded rumours seem to sweep over individual firms. We have been the target of a lot of negative speculation and malicious scaremongering. We have heard that we are on our bank's 'at-risk' register, that partners have refused to inject more cash into the firm and that we are, indeed, about to go into administration. All of this is untrue. The firm is financially stable.
In line with the actions of many legal firms in this economic climate, we have regrettably had to lay off staff, and we will continue to review our costs and our business streams as is prudent, and just as many other businesses are currently doing. Trading continues to be tough in the legal market and beyond, but we remain focused and confident in our strategy. It is, therefore, hugely disappointing that we have to spend seemingly endless amounts of time deflecting rumours that can only serve to undermine the profession as a whole and a strong and responsible Scottish employer in particular.
David Dunsire, executive partner for Tods Murray LLP, Edinburgh