Matthew Arnold & Baldwin (MAB) has advised former Allen & Overy (A&O) client Orbain on its recent refinancing following Orbain's secondment of MAB partner Steve Janes as a part-time in-house counsel.
Orbain is an online global trading settlement system launched in 1998 in the form of a joint venture between Citibank, IT company SAP and niche finance consultancy DCE.
The London-based company had traditionally used Citibank lawyers A&O and Cravath Swaine & Moore, but when in-house counsel James Blair left to go to New Zealand the company searched for a firm to provide a secondee to help out.
Although MAB had not previously acted for the client, Janes had a contact within the company's management. Janes and colleagues at MAB are now providing a part-time in-house service, for which they receive a regular retainer. As yet, Janes has not outsourced any work other than to MAB.
On the back of the Orbain deal, MAB has now launched an in-house legal resource support service, which it hopes to offer to other clients.