Freshfields Rock role makes ‘mockery’ of Treasury panel
“It is yet another manifestation of the Treasury’s inconsistent approach to legal procurement,” states one agitated Government adviser in response to this week’s news that UK Financial Investments (UKFI) – the body which manages the Government’s stakes in UK banks – has gone off-panel on the upcoming sale of Northern Rock. Despite having gone through a formal panel process in 2009 to select four firms to handle the sale of its stakes in big banks, UKFI ultimately bypassed its formal line-up of Slaughter and May, Allen & Overy, Herbert Smith and Simmons & Simmons to instruct Freshfields Bruckhaus Deringer corporate partner Barry O’Brien and global head of finance Alan Newton on the mandate.
UKFI goes off-panel for Northern Rock sale as Freshfields takes first piece of ‘sexy’ work
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