Having been the target of much recent negative speculation, Executive Partner, David Dunsire, writes to urge lawyers to face up to current challenges collaboratively and to draw a line under the gossip that has involved his firm.
In an era where the media is often criticized for spreading bad news, I welcomed your article law firms hit by ‘worst recession’ (8th March 2009). 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 totally 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.
Undoubtedly, trading continues to be tough in the legal market and beyond, but we remain focussed 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.Â
David Dunsire, Executive Partner, Tods Murray LLP
Published In Scotland on Sunday on Sunday, 15th March 2009
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