Slater & Gordon, the heavily bankrolled new entrant to the UK legal services market who bought Quindell’s professional services arm in the UK for $1.3bnAUD one year ago, has now lost its newly appointed in-house counsel, Moana Weir, after two months.

The departure comes as Slater & Gordon have until the end of the week to assure its bankers that it has found a way to service its $741mAUD net-debt position.  This comes on the back of a $958mAUD 6 month loss reported in February, a 95% decrease in share price over 12 months, a write-down of the Quindell acquisition to almost nothing, and a glut of class-action lawsuits from investors related to bad acquisitions.

If Slater & Gordon are unable to find a way to reassure their financiers, their loans will fall payable within twelve months.

Slater & Gordon's high profile UK acquisitions include: Quindell Legal Services, Claims Direct, Fentons, Goodmans, Pannone, Pickering & Partners, Russell Jones & Walker, Taylor Vintners.

Read more from Jonathan Shapiro at the Sydney Morning Herald

Slater & Gordon Share Price: From $8 to $0.23 in 12 months (Yahoo Finance)

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