Seth Lovis & Co Solicitors Limited (08913382): administration
- Status
- In administration
- Administration began
- 2019-03-11
- Administrators
- Andrew Poxon, Colin Hardman
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2014-02-26
- Location
- London
- Industry
- 69102 Solicitors
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
The Company traded as a multi-disciplined London law practice that specialised in CFA cases based on damages claims. The law practice was founded by Seth Lovis, in 2000, and most recently employed 45 fee-earning staff (7 partners) in its Bloomsbury office, practising in personal injury, industrial disease, professional negligence, financial mis-selling, commercial and insolvency litigation, and family. The legal practice converted from a partnership to a limited liability company in 2014.
In order to fund the practice through its working capital cycle, where it may be years until a case is settled and legal costs paid, the Company borrowed from specialist legal funders, most recently being Doorway and VFS.
The Company’s working capital requirements, specifically to fund its WIP on ongoing casework on client files, increased during 2017/2018, largely due to a significant number of CFA funded cases relating to claims for damages where ‘Cavity Wall’ cases were not settling.
Administrators' statement of proposals (2019-05-21) · Companies House register