Legal & General makes two new additions to panel with core advisers reappointed
Slaughters, Clifford Chance and Macfarlanes among firms reappointed after review
October 09, 2018 at 07:21 AM
2 minute read
Legal & General (L&G) has completed a review of its legal panel, with Simmons & Simmons and CMS added to the insurer's existing five-firm line-up of advisers.
Clifford Chance (CC), Eversheds Sutherland, Macfarlanes, Pinsent Masons and Slaughter and May have all retained their places on the panel, after a review that was completed earlier this year. It is understood that Simmons has been appointed to advise on real estate and asset management.
The new line-up took effect from 1 January this year. L&G last reviewed the roster in 2013, when a number of advisers were cut from the panel, which previously comprised 19 firms.
Key recent deals handled by L&G's panel firms have included its £4bn British Airways pension buy-in last month, on which CC took a lead role, as well as the £2.4bn buyout of the Nortel Networks UK pension plan, announced yesterday (8 October), which saw Eversheds Sutherland brought in to advise the FTSE 100 insurer.
L&G regularly instructs Slaughters for much of its high-profile work, and in March, worked with the magic circle firm on its acquisition of full ownership of housebuilder CALA Homes, as well as the £650m sale of its mature savings business to Swiss Re last December.
Macfarlanes, meanwhile, recently acted for L&G on its first streamlined longevity insurance arrangement for a smaller defined benefit pension scheme.
The insurer also recently turned to US firm Latham & Watkins to review the company's investment management arm, Legal and General Investment Management, amid concerns about its risk culture.
Former CC senior partner Stuart Popham spent more than five years as a non-executive director at L&G, before stepping down from the board at the end of 2016.
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