Swathes of the crisis-hit firm Axiom Ince have continued to leave as the breakup of the firm accelerates.

National firm Irwin Mitchell today announced the recruitment of a team of seven regulatory lawyers from Axiom Ince, led by partners Philip Somarkis and Colette Kelly.

Somarkis was formerly the head of the regulatory solutions department at Ince & Co, the firm which was amalgamated into Axiom Ince earlier this year, and will be the new national head of regulatory for Irwin Mitchell.

Top Row l-r Loren Hills, Fergal Dowling, Philip Somarakis, Millie Coleman, Julie Dao. Bottom Row l-r Andrew Cotton, Joanna Onisiforou

Top row (L-R): Loren Hills, Fergal Dowling, Philip Somarkis, Millie Coleman, Julie Dao. Bottom row (L-R): Andrew Cotton, Joanna Onisiforou

Since that merger, three of the firm’s directors have been suspended by the SRA and Axiom Ince has secured a freezing order for £64m against its former managing partner Pragnash Modhwadia.

The Gazette understands the Axiom issue was discussed at the most recent SRA board meeting and the regulator now expects the firm to be broken up, although it has not said whether any further interventions are likely.

A spokesperson said: ‘Our priority is making sure the public and clients of the remaining firm are protected. We are in regular contact with the directors of Axiom to make sure it can meet its regulatory duties, including working in the best interests of its clients.

'Although Axiom continues to trade, they have said it "will likely be unable to continue in its current format". We are closely monitoring the position.’

Several leading figures with Ince and Plexus Group, the other firm bought this year by Axiom Ince, have already left the business since the SRA’s intervention last month.

Fergal Dowling, director of legal services (Commercial Advisory & Disputes) at Irwin Mitchell, said the firm was thrilled to welcome Somarkis, Kelly and their team.

He added: ‘Their extensive experience and expertise will add strength in depth to our regulation & compliance team, allowing us to provide even better support to our clients. This strategic recruitment reflects our commitment to delivering top-tier legal services and strengthening our position in the market.’

The rest of the new recruits are senior associate Andrew Cotton, Joanna Onisiforou, Julie Dao, Loren Hills and Millie Coleman.

 

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