Winner: Herbert Smith

Finalists 2011: Clifford Chance, DWF, Herbert Smith, Mayer Brown, Weightmans, Wragge & Co

The size, complexity and originality of Herbert Smith's work advising Man Group on a landmark outsourcing deal caught the eye of the British Legal Awards judging panel. The transaction in question was an outsourcing deal struck between Man Group and Citi Global Transaction Services Securities and Fund Services. Corporate partners Nick Pantlin and Tim West led a multi-disciplinary team on the deal which drew on the firm's expertise in outsourcing, funds, tax, insurance, corporate, litigation and employment law.

By outsourcing its fund administration and transfer agency services, Man aimed to improve the efficiency of these services while at the same time allowing it to focus on its core business of investment management. Herbert Smith established a structure between Man Group and Citi that ensured each had a long-term commitment to the business of the other. The deal drew on Herbert Smith's outsourcing and project management skills. It entailed complex negotiations with a myriad of existing service providers, the transfer of a number of Man Group employees to Citi and the development of a new IT platform.

The services manager structure adopted by Man Group represented a major departure for the FTSE 100 company and the deal had several innovative features. It entailed the creation of a special charging structure, a new liability regime and the establishment of a detailed claims management process. A second important element of the project was the need for the suppliers to develop a new IT platform. It was agreed that Man Group would license the use of its existing IT platform during the period when this was being built. "In over 25 years of working in professional services, I have never worked with a more committed and tenacious team than Herbert Smith," said Man Group's project leader.