'New law' firm Cubism Law has started conversations with administrators as it battles to avoid collapse, in what would be one of the first major failures in the rapidly expanding industry.

The firm is holding talks about an "orderly wind-down of the business", which could take place as soon as next week (July 22-26), according to a person close to the situation.

Documents seen by Legal Week, dated July 5, show that the firm had expected to complete its winding up process on Friday (July 12), engaging Pinsent Masons restructuring partner Samantha Palmer and administrator Andrew Hosking of Quantuma.