In brief: Rolling stock privatisation makes cash roll in

Freshfields and Clifford Chance both reaped fees of over £1.4m each from the privatisation of the rolling stock leasing companies according to a National Audit Office report issued last week. Freshfields advised the Department of Transport and Clifford Chance advised British Rail. The report also revealed that Freshfields did not secure the Department of Transport's prior approval for cost estimates before starting extra work worth £0.6m not foreseen by its original fixed fee contract.