Seven jobs have been saved at Preston-based law firm PHC Law following a pre-pack administration.
Firm solicitors Chris Wood and Craig Porter purchased the firm after founder Philip Cuerden died unexpectedly in March last year.
The pair, who became caretaker directors after Mr Cuerden's death, have renamed the firm Porter Wood Solicitors.
Mr Wood said: “We are delighted to have bought the business, safeguarding the jobs of our loyal and dedicated employees and ensuring continuity for our clients.
“Having worked for PHC Law for over 15 years, we look forward to carrying on the ethos installed in the firm by Mr Cuerden, providing a dedicated, caring and professional service to our clients.”
Jeremy Oddie and Julie Webster from Mitchell Charlesworth were appointed joint administrators on December 23.
Mr Oddie, Mitchell Charlesworth partner and head of the corporate recovery and insolvency team, said: “Following extensive marketing, we were pleased to conclude the successful sale of the business to the caretaker directors, Chris Wood and Craig Porter.
“We would like to congratulate them on the purchase which secures a future for the firm in Lancashire and saves jobs in the region.”