Since Ian Coulter was unceremoniously shown the door at Tughans, one of the best-known commercial law firms in Northern Ireland, the partnership have been trying to distance themselves from the actions of its former managing partner.
With the Law Society investigating the situation, senior partners at Tughans felt that they had acted appropriately.
The law firm, it is understood, did not at that time consider itself under any obligation to refer the matter to the police, or other relevant authorities. Yet one person close to the firm said in retrospect maybe they should have.
The Law Society has thus far refused to explain why it has not referred the sensational allegations involving Tughans to the PSNI or any other relevant authorities.
An insider at Tughans said that the partnership are embarrassed that they let Ian Coulter blindside them regarding the £7.2m fee. As one person said, Tughans let Coulter become bigger than the firm.
Coulter was one of the youngest ever lawyers appointed as managing partner and had contacts in influential places following a two year stint as chairman of the Northern Ireland arm of the Confederation of British Industry (the CBI).
'Frankie' Coulter, as he was nicknamed at school, was a very effective networker who brought plenty of business into the firm. Some in Tughans are angry at Coulter for the scandal that he has engulfed the law firm in. One lawyer referred to the arrogance of his behaviour.
Yet there are those within Tughans that still feel sorry for the father of three. One former colleague said that he was "just stupid". His wife Vicky's position as a lawyer in Tughans very quickly became untenable and she exited the firm weeks after her husband.
Regardless of what emotions its senior partners may feel, Tughans are £7million wealthier today thanks to Ian Coulter and questions must be answered as to what was done to earn this eyewatering fee and who it was truly intended for.
