Tayside firm Thorntons snapped up solicitors and estate agents Pagan Osborne after the historic Fife company went into administration.
FRP Advisory were appointed as administrators of Pagan Osborne on Friday but Thorntons swooped in to buy the company for an undisclosed sum the same day.
All 10 Pagan Osborne partners and 113 staff will transfer to Thorntons but around 60 staff face losing their jobs following the deal.
Although Pagan Osborne’s Anstruther office will be rebranded as Thorntons, its premises in Cupar, St Andrews and Edinburgh are set to close.
All staff working in those offices have been told they are at risk of redundancy once a review of staffing requirements has been completed.
It is understood Thorntons is looking to retain around 50 staff meaning more than 60 people could lost their jobs.
The minimum 45-day redundancy consultation period is due to start next week.
Craig Nicol, joint managing partner of Thorntons, said: “Pagan Osborne was a long-standing, highly respected firm with a high profile in Fife and Edinburgh.
“Our priority will be to provide a seamless transition for clients and to preserve the maximum number of jobs.
“We will be in contact with all Pagan Osborne clients imminently and I would seek to reassure them that they will receive continuity of service from the newly-enlarged Thorntons team for their legal or property matters in the coming days and weeks.”
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.”
