Legal 500: Four firms dominate finance sector
FOUR legal firms dominate the finance market across the North West: Addleshaw Goddard, Eversheds, DLA Piper and Pinsent Masons.
These firms make the top two tiers for banking finance and insolvency and corporate recovery work across the North West.
They also rule the line up for PFI work, with Addleshaws, DLA and Pinsents headlining and Eversheds joined in tier two by Squire Sanders Hammonds and Liverpool’s Hill Dickinson.
In banking and finance, Addleshaw Goddard’s three-partner team advised Lloyds on providing the financing on LGV’s acquisition of Snow + Rock: one of the few leveraged finance deals completed in 2010 in the region.
In insolvency, the firm acts for the majority of the main banks including Barclays and HSBC, as well as IPs such as Grant Thornton and Deloitte. Last year, it advised on the administrations of Ethel Austin Investment Properties, and Thompson (Blackpool) Limited.
Meanwhile, DLA Piper is on the panels of all the clearing banks, and, despite a paucity of new-money deals, acted for Barclays as lead bank in the syndicated financing provided to the management team on the buyout of Total Fitness.
In insolvency, DLA is on the panels of all the UK clearing banks, and successfully brought the high-profile Zavvi administration to a conclusion. It also worked for Barclays and KPMG, as administrator, on Total Fitness’ pre-packaged sale.
In banking and finance, Eversheds is best known for its borrower-side financing capability, and has started to pick up some new-money deals, such as advising Bodycote International plc on its £110m syndicated finance agreement with a related accordion facility of £15m.
Graham Alty heads the Private Finance Initiative team at Pinsent Masons, whose work spans a wide array of sectors, with energy an area of particular strength. Recent highlights include advising Wates Construction as building contractor on a £100m social housing PFI project. The firm has also successfully increased its procurer and investor client base, gaining clients such as Scottish Power.
Steve Lewis, RBS relationship director for the solicitors & professionals unit (pictured), said: “A tale of two markets almost. Due to the muted corporate finance market and subdued levels of employment from banks and other funders in deal activity, fees have been harder to generate and sustain.
“On the insolvency / restructuring angle this market reflects the current economic environment. Whilst insolvency numbers have thankfully not been what some had feared, restructuring work has continued to be a growing income earner in the business and corporate marketplaces.”
Tomorrow’s Legal 500 review will focus on property.
