Imagine, if you will, a legal episode of Bargain Hunt. In this game show, AIG will give two firms different coloured outfits to wear based on their branding, and then go on a hunt around their offices trying to track down some antique lawyers with the gravitas to stand in front of the client’s in-house team.
Each relationship partner will take it in turns to present his or her pitch to AIG and offer a fee bid to its Emea general counsel Chris Newby. He will then pass on the figure to Bargain Hunt presenter Tim Wonnacott, who will decide whether or not to accept it.
AIG can then choose to replace any contestant firm with any other City law firm of its choice without the fees increasing at all. Firms can also offer a bonus item such as a free secondee or an evening in a box at Lords.
The winning firm gets a wooden trophy and the opportunity to advise AIG on any personal injury claims it desires. Welcome to the insurers’ world of reverse auctions.
For the rather more accurate details, see our story.
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