Last year Freshfields Bruckhaus Deringer parted company with its longest-standing client the Bank of England (BoE). Now it seems the pair have kissed and made up.
The bank, which had been a Freshfields client since the firm was founded in 1743, distanced itself from the firm after it chose to advise beleaguered mortgage lender Northern Rock.
They were reunited last week, however, when Freshfields advised the bank on its £50bn mortgage rescue plan.
Effectively, the firm, which must have clocked up a fair amount of fees with the BoE over the past 265 years, made a shedload of money advising Northern Rock as a takeover target, and is making a shedload more by helping the bank sort out the mortgage mess that began with Northern Rock.
That’s a pretty nifty way of handling client relationships.