One of Scotland’s longest-running law firms, Pagan Osborne, has gone into Administration, with around seventy jobs being lost as a result of the move.
The Anstruther-based firm will have assets and work taken over by Thortons law firm, which is based in Dundee. It is believed that the Anstruther office will be the only one to remain open under the Thorntons name, with two other offices in Fife and one in Edinburgh set to close.
Tom MacLennan, partner at FRP Advisory and joint administrator, told the BBC: “We are delighted that Thorntons has acquired the assets, goodwill and work-in-progress of Pagan Osborne, thus ensuring continuity of client service, providing employment opportunities and safeguarding client funds.
“We wish the newly enlarged business every success.”
Lorna Jack, Chief Executive of the Law Society of Scotland, said: “We are very sad to hear that Pagan Osborne has gone into administration. It represents the loss of a long-established and highly regarded Scottish law firm operating across Fife and Edinburgh.
“There is to be a full transfer of business to Thorntons and we are confident that arrangements are being put in place to ensure that there is as little disruption as possible for Pagan Osborne’s clients.
“We understand that most of Pagan Osborne’s staff, including all trainee solicitors, will transfer to Thorntons but there are to be redundancies following a consultation period, making this a difficult and uncertain time for everyone affected by this announcement.
“There has been ongoing, significant change within the legal services sector which, combined with a challenging economic environment, continues to have an impact on law firms.
“We will work with both firms to help ensure a smooth transfer of and provide advice and support for our members. Pagan Osborne clients should continue to contact their solicitor about any ongoing business or transactions.”