Top QCs enter fray on Northern Rock
Two of the UK's leading barristers have been called in to advise on the Northern Rock saga as the debate over City firm conflicts gathers pace.
October 17, 2007 at 11:01 PM
2 minute read
Two of the UK's leading barristers have been called in to advise on the Northern Rock saga as the debate over City firm conflicts gathers pace.
Brick Court Chambers' Charles Hollander QC, one of the country's pre-eminent conflicts specialists, was instructed by Freshfields Bruckhaus Deringer to advise on the potential conflicting nature of the two roles the firm has subsequently accepted – for the Bank of England and then Northern Rock.
Jonathan Sumption QC, also from Brick Court, has been brought in by Clifford Chance to advise the Bank of England, although his role remains unclear.
The news comes as it emerges Allen & Overy (A&O) has also taken a second role in the process. The firm is advising Northern Rock on its rescue package with the Bank of England while also advising on Virgin Group's bid.
The decision by both firms to accept two roles has provoked fierce debate among City lawyers, especially at US firms, some of which claim to have turned away roles because of conflicts. One corporate partner at a US firm said: "This is a UK-firm problem. Under our conflicts rules we would have difficulty accepting those instructions even if they were for unrelated transactions."
A&O and Freshfields have vigorously defended their position saying they went through appropriate measures and obtained client consent where needed. Both firms also argue the transactions are separate, although A&O admits it has information barriers in place.
Freshfields and A&O have both previously been subject to Law Society conflict investigations respectively for their roles on bids for Marks & Spencer (2004) and Safeway (2003).
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllDavis Polk Veterans Launch M&A, Private Equity Boutique in France & Italy
2 minute readDentons and Eversheds Advise on Billion-Dollar Gulf Infrastructure Projects
3 minute readTrending Stories
- 1The Law Firm Disrupted: Playing the Talent Game to Win
- 2A&O Shearman Adopts 3-Level Lockstep Pay Model Amid Shift to All-Equity Partnership
- 3Preparing Your Law Firm for 2025: Smart Ways to Embrace AI & Other Technologies
- 4BD Settles Thousands of Bard Hernia Mesh Lawsuits
- 5A RICO Surge Is Underway: Here's How the Allstate Push Might Play Out
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250