Eversheds helps Lloyds TSB tackle HBOS takeover

Lloyds TSB and its takeover target HBOS have turned to Eversheds to deal with the employment law issues that will arise if the banks combine.

The two banks already have a longstanding relationship with Eversheds, with the firm occupying places on Lloyds’s general panel and HBOS’s North West panel.

Eversheds employment and labour law product group head Martin Warren is leading on the mandate. The deal could eventually see one of the largest Transfer of Undertakings (Tupe) to take place in the UK.

The team will also advise on how best to reorganise the combined banks’ HR department.

The takeover could see up to 40,000 staff lose their jobs. If industrial action takes place, Warren and his team have labour and trade union capabilities in place to deal with disputes.

As The Lawyer revealed last week (17 November), Lloyds is reviewing its panel as the current agreements will soon expire. Eversheds is part of this tendering process.