Herbert Smith lands on its feet

Its position as Independent's corporate adviser has segued neatly into its role advising provisional liquidators PricewaterhouseCoopers (PwC). It is also continuing in its mandate to act for the Policyholders Protection Board, as it has done since 1975.
The PwC team is led by Daniel Schwartzmann and Mark Batten. In the past, Schwartzmann has referred many large insolvencies to David Steinberg at Clifford Chance.
Another firm gaining work amid the Independent fallout is four-partner London firm Class Law. Partner Stephen Alexander said his firm is representing brokers, creditors and shareholders. He said his immediate task was to evaluate the claims.
He said he was assessing the possibility of legal action against the board members, Independent's auditors KPMG and regulatory bodies with responsibilities, such as the Department of Trade and Industry.