Ashurst Morris Crisp lost out to US-based rival Shearman & Sterling to do the lion’s share of the work advising a major UK property client on the £450m partial disposal of one of its subsidiaries.

Shearmans relegated traditional adviser Ashursts to a minor role in the deal that saw The Berkeley Group, Britain’s fifth largest house builder, dispose of a 50.01% stakehold in The Crosby Group to a management team.