Linder Myers Solicitors has completed a deal with leading legal services specialist Assure Law.
The deal will see the firm refinance its debts and appoint a chief executive officer to lead the practice.
The deal, believed to be the first of its kind in the legal sector, sees Assure Law chairman Tony Stockdale appointed as chief executive of Linder Myers.
Bernard Seymour takes on the role of senior partner.
The agreement secures Linder Myers’ future across its offices including Lytham, Kirkham, Preston, Manchester, Cheshire, and Shropshire.
The firm employs 260 staff and 51 partners at its eight branches, including Park Street in Lytham and Poulton Street in Kirkham.
Bernard Seymour, senior partner at Linder Myers said: “This is a very positive outcome for the business, its employees, our valued clients and business partners.
“Tony Stockdale brings significant experience, and we are pleased to welcome him to Linder Myers as we look forward with confidence to the future.”
Mr Stockdale said: “Linder Myers is not the first, nor sadly the last, practice to hit difficult times within a sector being impacted by a number of changes which are placing a real squeeze on law firms.
“The team at Assure Law have worked hard with all the other parties involved to reach a successful outcome,” he added.