Officials have withdrawn a threat to have McClure Naismith struck off the Companies House register after a paperwork blunder by the commercial law firm.
The Glasgow-based practice, which is late in filing its annual accounts, received the warning last week after failing to tell Companies House that it remains a trading entity, but has now been told that no further action is to be taken.
A spokeswoman said the firm, founded in 1826, is “very much in business” and is liaising with auditor Deloitte to ensure the accounts will be filed “soon”, but she was unable to give a date.
McClure Naismith’s accounts were due to be lodged at the end of January, and the firm has blamed “technical issues” for their late submission. Under the Companies Act 2006 and regulations surrounding late filings, a private company can be fined £750 if its accounts are more than three months late, rising to £1,500 when they are more than six months overdue.
The most recent accounts available for the law firm, which also has offices in Edinburgh and London, show turnover fell to £12 million in the 12 months to 30 April 2013, down from £13.1m the previous year.
Profits before partners’ pay and profit share dropped to £2.7m, from almost £3m in 2012, while remuneration for members of the limited liability partnership remained broadly unchanged at just over £1m.
McClure Naismith also said yesterday that Jeffrey Hutcheson, former head of its dispute resolution unit, and employment unit head Alan Thomson will be retiring as partners but remaining with the firm in an “of counsel” capacity.
Executive chairman Robin Shannan said: “By being ‘of counsel’, Alan and Jeffrey will continue to be involved with key clients and ongoing development of our young partners, lawyers and support team. Alan, as a long member of the firm’s board, will also make his experience and skills available to the ongoing board.”