What do Balfour Beatty, Eon and Heineken have in common? As it turns out, each of the businesses has recently selected, or is in the process of choosing, a single firm to deal with its day-to-day legal matters.
For this type of work, Pinsent Masons is clearly in demand. The firm scooped the key role for both Balfour Beatty in March 2013 and for Eon last October. It was also in the running to become Heineken’s sole adviser. But with just weeks to go before the beer giant is expected to make a final decision, it’s understood that Pinsents has decided to quit the process. Another frontrunner, Eversheds, is also thought to be out of the race.
Pinsents’ decision could be down to pressurised fees on this sort of work. After all, these sorts of agreements don’t necessarily result in big-ticket and big bucks M&A, as demonstrated by Balfour’s choice of Linklaters as its UK firm of choice to advise on its $1.24bn sale of Parsons Brinckerhoff to WSP Global earlier this month.
Either way, it seems that the idea of taking on day-to-day work from Heineken has run dry for Pinsents.
Also on TheLawyer.com:
- Pinsent Masons senior partner Foley outlines his plans for his first 100 days when he takes up the managing partner role in October
- Ashurst’s US banking chief Damian Ridealgh has quit to join Weil Gotshal & Manges in New York
- Essex Court Chambers is taking on Gourab Banerji as an overseas associate in a sign of the bar’s increasing focus on the Indian market