L&G halves Lawrence Graham property work

Lawrence Graham will lose almost half the lucrative property work it does for Legal & General's life fund with the insurer's appointment of Berwin Leighton, revealed by The Lawyer two weeks ago.

Lawrence Graham has advised Legal & General since it helped found the company in 1836 and until now has handled the work relating to all the life fund's property investments.

But the fund this year split its property into retail and industrial/office portfolios.

Lawrence Graham was allowed to remain adviser on the retail portfolio but was not asked to tender for the industrial and office work.

A Berwin Leighton team, headed by partner Peter Rudolf, who has already advised L&G on several unit trusts, was selected from 12 firms that tendered for the work.

The portfolio comprises about 300 offices and industrial estates concentrated mainly in the South East and worth more than £1bn.

A Berwin Leighton spokesman said the portfolio was actively managed and should lead to several hundred instructions each year on leases and buying and selling.