Talks are under way between the partners of Lavelle Coleman, one of the most high-profile litigation firms in Dublin, over the future of the business.
The talks may lead to the founding partners, David Coleman and Michael Lavelle, going their separate ways after 27 years in business together.
Lavelle Coleman, which advises the National Asset Management Agency and also specialises in multi-party actions by disgruntled investors against financial institutions, declined to comment last night.
It is understood that the talks centre around essentially splitting Lavelle Coleman’s business between the two founding partners.
Mr Coleman handles most of the cases involving multi-party litigation, while Mr Lavelle does most of the firm’s work for State agencies such as Nama, and specialises heavily in corporate law.
Discussions
The company currently employs about 50 staff, and it is expected that in the event of a split, those employees would be shared out between the two new firms that would emerge following the discussions.
It is understood that a split is thought likely to be settled upon before the end of the year.
Lavelle Coleman is currently based in a high-end office complex on Hatch Street in Dublin, which it developed during the property boom for a figure thought to be in excess of €20 million.
The future of the office complex has yet to be decided in the event of a split, but it is likely that it would be sold and that the two new firms of Mr Coleman and Mr Lavelle would move to separate buildings.
In a reply to a Dáil question in March, Minister for Finance Michael Noonan said Lavelle Coleman had received €717,000 from State agencies connected to the Department of Finance, such as the Revenue Commissioners, in 2013.
Lavelle Coleman has also acted for clients including minors who featured in an RTÉ Prime Time exposé earlier this year on alleged mistreatment of children at a creche. It has also represented men who alleged they were the victims of abuse as minors by an Irish boxing coach.
Its work in the sphere of financial investment have been among its most high-profile cases. Lavelle Coleman has acted on behalf of investors who attempted to sue ACC bank over alleged losses on financial products.
It is also representing disgruntled investors who filed an action last year against Irish Life over losses connected to a property scheme in the UK.
