Norton Rose corporate partner Margaret Coltman (pictured right) has scooped one of the most coveted in-house legal positions in the UK, taking the combined role of general counsel and company secretary at Lloyds TSB.

Coltman will fill the roles left vacant by veteran general counsel Geoffrey Johnson and company secretary Alistair Michie, who are both set to retire at the beginning of next year. Johnson, who was formerly a lawyer at Clifford Chance (CC) legacy firm Clifford Turner, is leaving the bank after 30 years.

Coltman, who joined Norton Rose three decades ago and became a partner at the firm in 1986, will take on both roles and lead the bank's legal team of more than 60 lawyers.

The appointment could significantly strengthen Norton Rose's relationship with the bank. The top 10 City firm is on Lloyds' panel but does not receive many top-end mandates from the client.

At Norton Rose Coltman acted for a raft of financial institutions, such as HSBC, which she advised on its $815m (£396m) acquisition of Lloyds' Brazilian offshore and onshore assets in 2003, as well as, more recently, its £762m buy-out of Marks & Spencer's financial services business.

She said: "Having been at Norton Rose for 30 years, I have mixed feelings about leaving the firm, but this is an exciting challenge. I am looking forward to taking on this new role which I hope will allow me to stay in touch with my colleagues at the firm."

The move will be watched closely by Lloyds' heavyweight list of panel firms which includes Allen & Overy, Denton Wilde Sapte, CMS Cameron McKenna, CC, Eversheds, Freshfields Bruckhaus Deringer, Linklaters, Lovells and Wragge & Co.

Coltman will report in to Lloyds' chief finance officer, Helen Wier, who said: "The last decade has been a time of unprecedented change across the financial services industry. I would like to thank Geoffrey for his wise counsel during these times."

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