Taking a case for one person on a conditional fee arrangement (CFA) is a risk. Taking on the defence of six people against a claim of more than £3bn on a CFA is either very brave or very foolhardy. Luckily for Allen & Overy’s (A&O) Tim House, the risk the firm took on when it accepted instructions from six former Equitable Life directors paid off in December, when the insurer settled its negligence claim against them and agreed to pay £5.2m in costs.

The settlement was the culmination of a busy year for House, A&O’s banking and finance litigation head. As well as Equitable, House has acted for an investment bank in relation to the Parmalat affair and is advising banks and other financial organisations on regulatory investigations and proceedings. The group itself continues to grow in Europe, the US and Asia, and it will look forward to capitalising on its Equitable success in 2006.