In October 2008 Legal Week carried a story about a property deal by Halliwells that generated a substantial pay-out for the firm’s equity partners. It seemed an unusual little story, but scarcely one of dramatic interest. In hindsight it was probably the single event that most directly led the high-profile Manchester firm to last week file a notice of its intention to appoint an administrator, effectively signalling a sale of its assets.
Certainly, Halliwells has appeared beset by problems over the last two years, including partner departures, redundancies and pressures from its lenders. Yet, in many ways, it was the decision to distribute a £21m property windfall garnered from its move into flagship Manchester offices that sowed the seeds of what was to come.
