The regulator said it had today intervened into Fletcher Day Limited to protect the interests of clients and any beneficiaries of a trust where the firm was a trustee.
At the same time, the SRA has also intervened into the practice of the firm’s director Jude Fletcher for the same stated reasons. An intervening agent has been appointed and the firm is effectively closed, with Fletcher prevented from practising.
The firm’s website is currently listed as ‘under maintenance’ but its Linkedin profile states that it was a full-service commercial firm established in 2009 and now with a national and international presence. An extra office had been opened in Manchester as the business grew.
Listed as having 60 employees, Fletcher Day described itself as ‘a dynamic and vibrant law firm passionate about meeting the diverse needs and ambitions of its national and international client base’.
Its 30 solicitors specialised in corporate and commercial work, commercial litigation, property litigation, insolvency, commercial property and foreign investment into the UK.
Fletcher, a solicitor since 1999, had previously worked for Julian Holy Solicitors and Mishcon de Reya before founding Fletcher Day. It was reported by The Lawyer earlier this week that Fletcher Day had been issued with a winding-up petition by HM Revenue & Customs.
According to its most-recently published accounts, covering the year ended 31 March 2021, Fletcher Day had net assets of around £560,000 which included £345,000 in cash reserves.
The legal services market will continue to grow in 2024, hitting a turnover of £50bn with a “resilient” corporate law sector boosted by “stronger economic conditions” later in the year.
Ison Harrison, which became 100% employee-owned in 2022, posted a turnover of more than £22m last year – an annual increase of 16%.