CC pulls in £8.5m from ABN deal

Clifford Chance‘s communications, media and technology (CMT) team has racked up fees of £8.5m on a jumbo IT outsourcing deal for ABN Amro.

Clifford Chance advised ABN Amro on a global IT outsourcing deal worth €1.8bn (£1.2bn) over five years. It required the magic circle firm to negotiate global service agreements with five IT vendors using up to 20 lawyers at any one time.

Amsterdam partner Jeroen Koster and London partner David Griffiths led the team, which spent just under a year working on the deal in Amsterdam and utilised staff in five different jurisdictions.

Griffiths told The Lawyer he could not comment on the fees, but that the firm was very pleased with the deal.

The transaction is the second high-profile technology project that ABN Amro has put out to tender in recent years.

Clifford Chance has also won the mandate for the first – a €1.29bn (£880m) five-year contract with EDS for the IT outsourcing of the bank’s wholesale clients business unit.

Both Clifford Chance and Linklaters sit on ABN Amro’s global panel, along with Allen & Overy and Freshfields Bruckhaus Deringer. The panel is set for review this year.