BLP prepares to take over Thames Water's legal function

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  • This will certainly distinguish BLP from other City firms post recession.

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  • Surely the reason why Linklaters handed over that securitisation work to BLP is because it's vanilla commodotised work? I can't see BLP making much money out of that.

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  • "Lawyers in that division will be rewarded on a separate basis to how they’re currently remunerated and how lawyers at BLP are paid. They’ll be paid differently, but not necessarily less,”

    Questions are inevitably raised about the role of this team within the overall organisation. Will the TW lawyers be able to become partners and share in the equity or once they reach a certain level of experience and expertise will they essentially leave that team? Will the TW team become a dumping ground for the less talented BLP lawyers?

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  • So what are going to label this one? 'Inshoring' maybe?

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  • May be a blow for Dentons and Ashurst but Can't see the magic circle being that bothered by this. Hardly fits into the plan to go for the elite financial services clients does it?

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  • This is a great idea, although not really groundbreaking. I can't remember who, but it was definitely done in the 1990s I think. Still, a good move for BLP and Thames Water and one that is likely to be repeated by other firms in the age of outsourcing etc. My only reservation would be over pay. Paying the TW lawyers differently to the BLP ones in the beginning would work but one or two years in there's bound to be resentment if people are doing the same kind of work in the same firm but are getting hugely disparate pay packets.

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  • Good idea in theory but what are the KPIs? How will they measure success on this? What will hapn if Thames Water decides after a year that actually BLP is not the one?

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  • This won't be a "lift and shift" outsourcing. The TW lawyers being transferred will have a very short shelf life, the economics for BLP simply won't work otherwise. So those guys should start looking for other work pretty quick. Very surprising if there's a pot of gold at the end of the rainbow in this.

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