Clifford Chance (CC) and Lovells look set for a fees windfall following this week’s Ministry of Defence (MoD) decision to hand its £13bn air tanker contract to a European consortium led by European Aeronautic Defence and Space Company (EADS).

CC finance partner Gavin Teague advised the Air Tanker consortium on the bid, which beat the BAE Systems-led consortium Tanker Transport Service, which was advised by Freshfields Bruckhaus Deringer partner Nick Bliss.