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Despite spinning out as part of Pannone’s tie-up with Australian-listed Slater & Gordon, Pannone Corporate will work with the legacy firm’s real estate team while its own recruitment drive gets underway.
In a statement the firm said: “Pannone Corporate is actively recruiting experienced real estate lawyers following the transfer of the Pannone team to Slater & Gordon. It is also looking to recruit commercial and construction lawyers.”
It added: "Pannone Corporate will, where appropriate, continue to work with the real estate team which is transferring to Slater & Gordon to ensure existing clients receive a seamless service.”
The Lawyer revealed that Slater & Gordon had been circling Manchester-based Pannone with the intention of making the consumer business its next strategic acquisition in September (20 September 2013).
After months of protracted deliberations (21 October 2013), Slater & Gordon announced the £33m deal to the Australian Securities Exchange (ASX) in November (28 November 2013).
Pannone head of dispute resolution Paul Jonson and senior partner Steven Grant will become managing partner and chairman respectively at the new entity.
Pannone Corporate is expected to comprise of the corporate, commercial, debt recovery, pensions and non-contentious construction teams, as well as approximately half of the dispute resolution and employment teams and parts of the insolvency and banking teams.
Pannone put more than 100 people on notice of redundancy after the merger was announced (10 December 2013), the outcome of that consultation is expected to be announced next week.
Pannone will transfer 65 staff to the corporate spin-off, of which approximately 50 are lawyers.
Grant said the firm’s corporate and commercial clients had been supportive of the move, confirming that Pannone Corporate would continue to work with Lloyds Corporate Banking.