Investment giant cuts adviser roster for £10m panel
Singer & Friedlander slashes adviser roster after appointing its first-ever legal panel
September 13, 2006 at 08:03 PM
2 minute read
Investment house Singer & Friedlander has slashed back its roster of external advisers by more than half after installing its first-ever panel.
The investment group, now operating under the name Kaupthing Singer & Friedlander after last year's takeover by Icelandic bank Kaupthing, has appointed 30 firms to three panels. Its previous advisers totalled more than 60.
The company, which is now responsible for Kaupthing's UK legal operations, has an annual legal spend of £10m-£12m. The main panel, which will provide general advice across the bank's UK operations, comprises 20 firms including Lovells, Norton Rose, Berwin Leighton Paisner, Macfarlanes and Travers Smith and national firms Addleshaw Goddard, DLA Piper and Wragge & Co.
The company has also appointed a smaller panel to advise parent company Kaupthing on its top-tier work in the UK, consisting of Allen & Overy, Clifford Chance, Eversheds, Simmons & Simmons and Slaughter and May.
Singer has also created a six-firm panel to handle specialist work, comprising Richards Butler for shipping advice and Cobbetts for property work as well as Holman Fenwick & Willan, Hill Taylor Dickinson, Withers and Laytons for other specialist areas.
Singer head of legal Chris Aujard told Legal Week: "It was done on the basis of cultural fit, enthusiasm to be on the panel and willingness to give us an appropriate amount of attention."
The review began in September last year, but was delayed due to the merger with Kaupthing. Senior in-house lawyer Clinton Genty-Nott, who helped lead the review, said the firms were not on fixed-term contracts and could be taken off or added at any time.
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