Davenport Lyons, the legal firm best known for acting as legal adviser to Private Eye, has gone into administration. It is a precursor to its portfolio being acquired by the Mayfair-based Gordon Dadds.

According to The Lawyer report, the terms of the sale - which were agreed with joint administrator Baker Tilly - will involve the move of around 80 staff and 30 partners.

Davenport Lyons, reports Legal Business, has struggled for growth in recent times. Its revenues fell by 11% from £24.5m to £21.9m in 2012/13.

Davenport's chief executive Richard Williams was quoted in March as saying: "The problem is that we're servicing debt instead of making a profit."

Sources: The Lawyer/Legal Business