IN-HOUSE BANKING AND FINANCIAL SERVICES 2018

LV=WINNER

LV’s game-changing year provided an unprecedented opportunity for the in-house team, led by general counsel Chris Griffin, to play a leading role in the insurer’s business success. They were at the forefront of the largest deal in LV=’s 175-year history, establishing a joint venture with Allianz to create the third largest personal insurer in the UK, valued in excess of £1bn.

Supported by Clifford Chance, the in-house legal team planned, structured and negotiated the highly complex deal under stringent time constraints and involving different, fast-paced work streams.

In parallel, the nine-strong team worked on transforming the legal support model for group procurement activity. The legal team worked alongside the procurement function to grapple with a large increase in transactional work and deliver more legal involvement. This meant integrating a new cost-effective system supported through Eversheds Ignite. The company’s new managed legal services (MLS) launched in May 2017 allowed low-risk and low value work to be managed through a flexibly-resourced pool.

Alongside a number of contract system improvements, this allowed the legal team to focus on more strategic decision-making on transactions and offer more transparency to the rest of the business on the status of legal work.

As the company enters a new chapter in its history, the in-house legal team has implemented a new relationship management framework under which in-house lawyers align themselves to one or more key strategic themes that underpin LV=’s strategy. This will lead to a closer relationship with stakeholders in the business and clear accountability for identifying and briefing emerging risks.

Highly commended: The Ardonagh Group

This highly commended in-house team worked on an incredibly complex five-way merger between Towergate, Price Forbes, Direct Group, Chase Templeton and Autonet to create the largest independent broker in the UK – Ardonagh Group. Led by general counsel Geogg Grouiiet and chief counsel corporate and commercial Frances Coates, they acted as chief advisers to the Ardonagh board.