Addleshaw Booth & Co and Clifford Chance have secured the two coveted places on the panel of Barclays Private Equitys (BPE) London team
Ashurst Morris Crisp, Eversheds, Jones Day Reavis & Pogue, Linklaters, Olswang, Pinsent Curtis Biddle and Travers Smith Braithwaite, which have historically advised BPE in London, all missed out. BPE director Paul Goodson said: Wed get a better service if we concentrated on developing closer relationships with two firms only. BPE is a new client for Clifford Chance, but it is believed that long-term adviser Addleshaws will get the lions share of the work, as it is cheaper. Goodson said: Addleshaws has acted for BPE in both London and Manchester for some time, and were delighted to continue the relationship. But he added that Clifford Chance will get also some of the more traditional UK work. Well decide whom to instruct on a case-by-case basis, he said. The panel was set up to tighten relations with external lawyers. Clifford Chance was chosen for its multijurisdictional regulatory expertise. The move has been welcomed by Clifford Chance, which was also appointed as PPM Ventures primary adviser last November. David Walker, Clifford Chances relationship partner, said: Were very excited about the prospect of working with BPE on their more complex deals and cross-border transactions. We see our selection onto their panel as an endorsement of the broad capabilities of the Clifford Chance private equity practice. By using Addleshaws and Clifford Chance, BPE will get a good spread of experience, he added. Addleshaws corporate finance partner Simon Pilling said: Unless its a transaction with a huge number of jurisdictions, and provided we can resource it, well get all the work in London.