Lloyds Banking Group lawyer Aamir Khan has joined global LPO Clutch Group as general counsel and senior director of UK business.
Based in London, Khan will be responsible for expanding US-based Clutch Group’s presence in the UK financial services space. A press statement said: ”[Khan will] respond to the regulatory and litigation needs of UK financial firms [and] will continue to develop innovative technology to offer economical solutions to challenges facing UK and EU companies.
It added: ”The US has seen significant ramp up in legal and regulatory enforcement across several industries in recent years. Businesses in the UK and the European Union (EU) are now facing a similar ramp up.”
He joins the group from Lloyds, where he was head of legal disputes and contentious regulation.
Clutch CEO Abhi Shah said that this was a “critical” hire for the group as it will help expand its presence in the UK and meet the growing needs of European financial services.
The biggest threat to LPOs has been from those private practice law firms that have moved to reappropriate the movement towards disaggregation. Legacy Herbert Smith opened in Belfast in November 2010; Allen & Overy transferred much of its back-office function to Northern Ireland in February 2011. The decisions to invest in Belfast were helped by a total of £3m in public funds.
Taylor Wessing launched an effective subsidiary, New Street Solutions, to handle due diligence work on corporate transactions. Addleshaw Goddard began unbundling its chargeable work in February 2011, setting up a transaction services centre in Manchester, while Dundas & Wilson set up a legal services unit – badged as a ‘firm within a firm’ – in July this year.
The trend for unbundling legal work is advancing through the law firm ranks but there is still resistance in some quarters – namely in-house. Read more in our feature.