Toronto-Dominion Bank (TDB) reduced its legal panel from 20 firms to just two – Linklaters and Norton Rose. TDB's total annual legal budget was over £4m.
Clifford Chance and Allen & Overy were ousted as TDB's legal advisers after a beauty parade was held that shortlisted them with Linklaters and Norton Rose. The latter had advised TDB for more than 20 years, while Linklaters was selected because of personality mixes.
Stephen Parish, head of banking at Norton Rose, confirms that this situation continues to exist, that it remains comfortable and has worked very well.
Camerons management shaken up for Euro drive
CMS Cameron McKenna restructured its senior management to more actively progress European expansion plans.
Corporate partner Dick Tyler became managing partner, replacing Robert Derry-Evans, who took up the new post of chief executive. Derry-Evans' remit was to concentrate on the firm's medium to long-term strategy, particularly in Europe. Tyler was assigned daily management of the firm.
Camerons has had a rather mixed and busy 12 months. Pieter van Dalen was appointed head of the CMS alliance, and in July German alliance partner CMS Hasche Sigle Eschenlohr Peltzer merged with niche Dusseldorf firm Schäfer Wipprecht Schickert, boosting further the CMS alliance. Swiss firm CMS von Erlach Klainguti Stettler Wille also joined the alliance last year.
Partner Paul Biggs defected with a team of four to Cadwalader Wickersham & Taft in August, while the Hong Kong operation added three partners.
The firm suffered a blow when three international and three local partners were lost from the Warsaw office in November. Most recently, tax firm Bureau Francis Lefebvre, based in Paris, joined the CMS alliance.