Herbert Smith is advising on its second IPO this year as client Friends Provident prepares for a July float.
The instruction follows the firm's role advising on the IPO of recruiter Michael Page International for its parent company Spherion Corporation
The job provides Herbert Smith's corporate department with a welcome morale boost following the London Stock Exchange's decision to drop the firm as its main corporate adviser in favour of Freshfields Bruckhaus Deringer.
Herbert Smith won the Michael Page International work after a beauty parade – but Friends Provident is not a new instruction for the firm.
Client partner Marian Pell has been advising the life assurer for 20 years and the firm was also called in to advise on its on-going demutualisation.
Demutualisation contact partner Geoffrey Maddock said that he referred the IPO work to fellow
corporate partner Michael Shaw.
Maddock said: "There is still a large amount going on but focus has now shifted to the IPO. We hope that we would continue as principal corporate adviser [after the float]."
Friends Provident has also retained Herbert Smith US securities lawyer Alan Hanen to handle the 144A US securities offering.
Linklaters & Alliance's London office will also get a slice of the action, advising the lead manager Merrill Lynch.