Land Securities Trillium (LST) has carried out a massive overhaul of its 36 relationship firms, jettisoning two-thirds of its advisers in favour of its first ever formal panel.
The property outsourcing company has formed a three-tier roster, with Allen & Overy (led by real estate partner Daniel McKimm) and Freshfields Bruckhaus Deringer (led by banking partner Jeffrey Rubinoff) taking the top slots as strategic advisers. In the middle-tier level are Ashurst, Berwin Leighton Paisner, CMS Cameron McKenna, Lovells and Pinsent Masons. They will advise on interdisciplinary transactional work, including PFI, real estate, M&A and funds.
At least five firms, including Eversheds, are on the next level down, advising on transactional work with a narrower remit, covering areas such as regeneration and public private partnerships.
The review began last autumn, having been sparked by LST’s takeover of several entities, including AMEC Projects Investments, Investors in the Community and the Secondary Market Infrastructure Fund.
The lack of overlap between the preferred advisers used by new businesses had left LST with more than 30 law firms on its books, provoking the decision to streamline. Appointees to the new panel are on board for a two-year term.