National law firm Cobbetts, which has a substantial practice acting for public sector bodies including local authorities, is set to file for administration today.
The business and assets of the firm, which has 500 staff across offices in Birmingham, Leeds, London and Manchester, will be put up for sale.
In a statement the firm said: “Having regard to the difficult trading conditions in the professional services sector we have reluctantly concluded that the appropriate course at this time is for the firm to obtain the protection of an interim statutory moratorium to enable a sale of the business and assets of the firm to be concluded in a short time frame.
“We are also working closely with our regulator, the SRA. with all stakeholders and our professional advisers to achieve the best outcome for creditors, clients, employees and members. We remain confident that we will be able to provide a further positive update in the very near future.”
Cobbetts has won places on several framework agreements set up by local authorities and other public bodies in recent years.
They include panels set up by the Humber Consortium (North Lincolnshire Borough Council, North East Lincolnshire Council and Hull City Council), the East Midlands Housing Group, and Cornwall Council.