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Ashurst has cemented a burgeoning relationship with Lloyds Banking Group by committing a three-lawyer team to an extended placement at the bank on what a source described as a “balance-sheet management project”.
Finance partner Lee Doyle is leading the team on the four-month project at the bank comprising two finance associates and a further three paralegals hired specifically for the matter.
An Ashurst source described the project as “a massive piece of work”, adding that it would help institutionalise the firm’s relationship with Lloyds.
Ashurst has a longstanding relationship with HBOS, which merged with Lloyds in the aftermath of the 2008 banking crisis.
Doyle joined Ashurst in November 2009 from RBS, where he ran the global restructuring team. His hire was part of the City firm’s push to target high-end banking work. Ashurst is traditionally associated more with private equity and corporate clients.
In the past 18 months the firm’s finance team has undertaken a huge recruitment drive. Restructuring partner Dan Hamilton joined from White & Case and the practice has added up to a dozen associates.