CC off Nomura EMEA panel as Osborne Clarke wins spot
Clifford Chance has missed out on a reappointment to Japanese investment bank Nomura's updated EMEA panel. The bank has named seven firms on its EMEA roster, with Osborne Clarke (OC) included after having been left off the list when the panel was last reviewed in 2010.
December 16, 2013 at 08:45 AM
2 minute read
Clifford Chance has missed out on a reappointment to Japanese investment bank Nomura's updated EMEA panel.
The bank has named seven firms on its EMEA roster, with Osborne Clarke (OC) included after having been left off the list when the panel was last reviewed in 2010.
OC is joined by Freshfields Bruckhaus Deringer, Mayer Brown, Allen & Overy (A&O), Linklaters, Travers Smith and Ashurst, all of which have held on to their places.
It is understood that firms were officially notified of the outcome late last week.
The bank first drew up a formal list of EMEA legal advisers in 2010, which included CC. It is not known whether the magic circle firm bid for a place on the revised panel.
The 2010 panel review marked the bank's first attempt to rationalise its external legal counsel since it took on Lehman Brothers' European and Middle Eastern equities and investment banking businesses in 2008, alongside its Asia-Pacific operations.
The roster is understood to be managed by European general counsel Piers Le Marchant and corporate legal chief Chris Barlow.
Last year Nomura shook up its in-house legal team after global wholesale legal chief David Graham left just over a year after taking up the role.
Nomura chief legal officer Noriaki Nagai subsequently announced plans to restructure the group, with Tokyo group legal and Japan transaction legal head Yasushi Takayama moving to New York in a bid to strengthen the US legal management team.
Last year Nomura confirmed it had made a number of redundancies in its UK legal team as part of its first cost-cutting exercise in October 2011.
The bank made between six and eight redundancies in London over the summer of 2011 in a redundancy consultation overseen by Le Marchant.
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