This “legal business” does not look to us to be in robust health – Notwithstanding the graphical representation of the balance sheet history (which might ‘fool’ people to believe that it is an entity of substance):-
Just imagine running a business where one has managed to lose (i.e. “burn through”) over Seven Million British Pounds Sterling (>GBP £7,000,000+) of investors’ capital (via accumulated losses over the years)!
If you review the balance sheet as provided in the publicly available last accounts (see picture) – The company which owns the “LawBite” business – only manage to get the balance sheet into the black (i.e. having an appearance of solvency) by revaluing “something” (we envisage their I.P?) from GBP £750k to GBP £3 Million.
Imagine “opting” to pay more Corporation Tax than you need to – To “pretend” that you’re not insolvent . . .
We might simply choose to laugh at the folly of those involved – but it should give rise to serious thought.
The point is – if you choose to instruct an authorised and regulated Solicitor – Our regulator (broadly) checks upon the solvency of the businesses it regulates, and the quality of the legal advice that we provide is supported by compulsory professional indemnity insurance.
If one chooses to take one’s advice from businesses losing millions of pounds a year – One should be asking: are they likely to be around when you discover the problems with their advice (or will they likely have gone bust / been dissolved – some time before)
How good is their business advice – when they themselves have disastrous businesses?
Please feel free to discuss the issues raised in this post with its author.
Founding Principal – and – Business Law Solicitor
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www.EquitableLaw.com – Solicitors For Business