Heaven forbid that Slaughter and May could be accused of continuing to benefit from the ‘old boy’ network in this day and age. General counsel these days are objective, bottom line-focused businessmen, right? Well, kind of.
The decision by Royal & SunAlliance (RSA) to instruct Slaughters on the £158m sale of its US operations last week marked the first time the firm had closed a major deal for the client. The mandate was all the more significant given the long-running tussle between Allen & Overy and Ashurst to secure the lead adviser role for the client. But why replace two quality firms desperate for the company’s affections?
