City-based London securitisation partner Robert Torch is leading the team for Sidley, which has advised Northern Rock on the majority of its major securitisations, including the £20bn Granite Master Trust in 2005.
The Chicago-based firm has a continuing role as discussions heat up between potential buyers and Northern Rock, after the lender was forced to approach the Bank of England for emergency funding in mid-September.
Sidley is advising primarily on due diligence queries rather than being involved directly in takeover discussions.
The last month has seen a host of top City firms pick up advisory roles, with Freshfields Bruckhaus Deringer controversially providing corporate advice to Northern Rock, while the Bank of England – a long-standing Freshfields client – turned to Clifford Chance.
Magic circle rival Allen & Overy is acting as Northern Rock’s banking counsel, while Slaughter and May is acting for the Treasury and Herbert Smith is advising potential bidder JC Flowers.