When Norton Rose won the work to restructure energy giant Drax in 2003, it was hailed as a return to form for a firm that had lost ground in the corporate arena. But the real test came in 2005, when Drax announced it was to embark on a dual-track IPO and refinancing programme. Would Norton Rose be able to retain the company as a client?

The answer was yes. Corporate finance partner Laurence Levy is now leading the work for Drax on its IPO after a offer from a consortium of private equity and energy bidders had failed to whet the company’s appetite. The work is unlikely to net Norton Rose the £6m in fees it won from the restructuring, but it is a high profile and important mandate in a crucial sector for the firm and the UK. Levy can be rightly proud that he is heading the team on a deal that is making most of his rivals green.