Herbert Smith has missed out on a panel place for longstanding client Hermes Real Estate in the asset management company’s first ever formal line up.

The top 10 City firm was beaten to panel slots by newcomers Berwin Leighton Paisner (BLP) and Nabarro, which join long term advisers Lawrence Graham and Maxwell Winward. Hermes will continue to refer some specialist work to Herbert Smith, which has advised the company since the 1970s.