The Bank of England has appointed Freshfields Bruckhaus Deringer veteran Graham Nicholson as its new chief legal adviser.
Nicholson, an M&A partner with the leading City law firm, will also take on the role of adviser to the governor of the Bank of England, Mervyn King. He will officially take up the post on 1 January, 2009.
Nicholson replaces Juliet Wheldon, who has been in the post since August 2006. He becomes the second Freshfields partner to take up the position following Peter Peddie, who was in the role from 2002 to 2006.
The appointment of one of Freshfields’ most experienced financial services partners at a time when the Bank of England is wrestling with unprecedented turmoil in the global credit markets will be seen as highly symbolic.
Nicholson has advised on some of Freshfields’ most high-profile deals since becoming a partner in 1980, including acting for the London Stock Exchange on its public listing and for the Treasury on the establishment of an insurance company to cover airlines in the wake of the 11 September terrorist attacks.
A Freshfields team, lead by Michael Raffan and including Nicholson, is currently acting for the Bank on its support for this week’s nationalisation of stricken mortgage lender Bradford & Bingley.
Commenting on the appointment, Freshfields co-senior partner Guy Morton said: “Graham has made an exceptional contribution to the firm over many years, both in terms of client work and firm management.”
He added: ‘The Bank of England is Freshfields’ longest-standing client, and I have no doubt that Graham’s wealth of experience and technical expertise will be invaluable in helping the Bank to face the current challenges we are seeing in the market.”
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