Slaughters set to receive £33m for financial crisis work for the Treasury
Slaughter and May is set to receive as much as £33m in fees by next year for its work advising the Treasury throughout the financial crisis. According to a National Audit Office report, the magic circle firm will rake in £32.9m in fees by March 2010 for the numerous mandates the firm has won from the Treasury during the downturn.
December 04, 2009 at 06:41 AM
2 minute read
Slaughter and May is set to receive as much as £33m in fees by next year for its work advising the Treasury throughout the financial crisis.
According to a National Audit Office report, the magic circle firm will rake in £32.9m in fees by March 2010 for the numerous mandates the firm has won from the Treasury during the downturn.
Slaughters was instructed by the Treasury to provide advice on both the nationalisation of Northern Rock in 2008 and the bank's restructuring.
London corporate partner Charles Randell (pictured) took the lead role on the nationalisation, while City finance partner Guy O'Keefe led the firm's team on the restructuring.
In October Lovells and Herbert Smith joined Slaughters on a new panel put together by the Treasury to provide advice on the stability of the financial markets.
The Treasury said that the expanded panel was established in an effort to mitigate the risks of any legal conflicts on future matters, and that it was in the taxpayers' interest for the Treasury to have a wider pool of legal advisers.
Between September 2007 and March 2010 the Treasury will spend up to £107m on professional services, of which it intends to recover £100m from banks including Royal Bank of Scotland and Lloyds Banking Group.
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