Commentary: Lovells takes the lead in ITV drama
Firm secures pole position following Green setback, but Slaughters expected to retain close ties post-merger.
October 29, 2003 at 07:03 PM
3 minute read
Granada's shareholders will not have been the only ones celebrating the success of their campaign to stop Carlton's Michael Green becoming chairman of the newly-merged company.
There will surely too have been a spring in the step of the lawyers spilling out of Atlantic House on the evening of the announcement.
Ever since news of the £4bn merger was unveiled a year ago, Lovells, Granada's main corporate adviser, will have been keeping a wary eye on Slaughter and May, the other main contender for the coveted prize of preferred adviser to the media conglomerate.
Granada is Lovells' trophy client. Indeed, it even had a ringside view of the events leading up to Green's controversial ousting having advised Granada on the affair.
It is hardly surprising that corporate heavyweight and department head Hugh Nineham has been put in charge of keeping hold of the merged company for the firm.
The signs were already good for Lovells, even before recent events, as Granada will be the dominant partner in the deal, taking a 68% stake in the merged company.
Green's failure to secure the role of chairman – a crucial decision-making role and key contact for any law firm – will significantly shorten the odds of Lovells coming out on top.
It seems likely that Granada's insistence that its legal panel, which also includes Herbert Smith, Eversheds, DLA and Olswang, will remain in place post-merger is more than just hot air. Still, it would be foolish to underestimate Slaughters' clout.
And it is no stranger to Granada either. The magic circle firm advised Carlton and Granada on its successful defence against the Football League following the collapse of ITV Digital and beat Lovells to advise ITV Digital's directors on its administration.
And while it is unclear who will take the top legal job at the merged company, Slaughters can at least take comfort from the fact that Carlton's company secretary and head of legal, David Abdoo, will still be around, having secured the job of company secretary.
Whether Abdoo, Granada's head of legal, Kyla Mullins, or someone else takes the crucial head of legal post was unclear as Legal Week went to press.
Whatever happens to Lovells and Slaughters, though, it seems certain that some firms will lose out post-merger.
Among the firms that have advised Carlton in recent years are Macfarlanes, Goodman Derrick and Clifford Chance.
They will be well aware that a raft of firms have already lost out as a result of ITV's consolidation, including Eversheds, DLA and Osborne Clarke.
In-house legal jobs will be duplicated and are also likely to go, with some observers predicting that Carlton's smaller teams will be more vulnerable than Granada's larger and well-respected operation.
Which, of course, is further evidence that Lovells' star is in the ascendancy.
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