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Slaughter and May has pulled in £32.9m worth of fees from the Treasury since 2007, according to a National Audit Office (NAO) report.
The Treasury contract began when the City firm won the mandate to act on the restructuring of Northern Rock in September 2007 (26 September 2007). It was extended to cover work arising with other banks throughout the financial crisis.
A Slaughters team led by corporate partner Charles Randell (pictured) advised on the recapitalisation of RBS, Lloyds TSB and HBOS (8 October 2008).
The firm has since been the chief adviser for the Treasury on other matters stemming from the financial crisis.
Last month, Slaughters was one of four firms - alongside Allen & Overy, Herbert Smith and Simmons & Simmons - to win places on the Treasury’s panel to handle the sale of its stake in the bailed-out banks (20 November 2009).
The NAO report said the firm “provided high quality advice on the handling of the crisis at Northern Rock, and the firm’s experience was seen as significant if similar problems arose at other banks”.
Slaughters came under fire earlier this year when the Liberal Democrats criticised the Treasury for handing it £22m worth of work between November 2007 and March 2009.