CC, Addleshaws victorious as Barclays takes axe to advisers

Ashurst Morris Crisp, Eversheds, Jones Day Reavis & Pogue, Linklaters, Olswang, Pinsent Curtis Biddle and Travers Smith Braithwaite, which have historically advised BPE in London, all missed out.
BPE director Paul Goodson said: “We’d get a better service if we concentrated on developing closer relationships with two firms only.”
BPE is a new client for Clifford Chance, but it is believed that long-term adviser Addleshaws will get the lion’s share of the work, as it is cheaper.
Goodson said: “Addleshaws has acted for BPE in both London and Manchester for some time, and we’re delighted to continue the relationship.” But he added that Clifford Chance will get also some of the more traditional UK work. “We’ll decide whom to instruct on a case-by-case basis,” he said.
The panel was set up to tighten relations with external lawyers. Clifford Chance was chosen for its multijurisdictional regulatory expertise.
The move has been welcomed by Clifford Chance, which was also appointed as PPM Ventures’ primary adviser last November.
David Walker, Clifford Chance’s relationship partner, said: “We’re very excited about the prospect of working with BPE on their more complex deals and cross-border transactions.
“We see our selection onto their panel as an endorsement of the broad capabilities of the Clifford Chance private equity practice.
“By using Addleshaws and Clifford Chance, BPE will get a good spread of experience,” he added.
Addleshaws corporate finance partner Simon Pilling said: “Unless it’s a transaction with a huge number of jurisdictions, and provided we can resource it, we’ll get all the work in London.”