Quartet appointed to advise on winding-down of Government stake in UK banks

Slaughter and May, Allen & Overy, Herbert Smith and Simmons & Simmons have all landed plum roles as key advisers to the UK Government on the winding-down of its stake in banks that were recapitalised during the financial crisis.

The much-discussed United Kingdom Financial Investments (UKFI) panel will predominately provide the appointed firms with capital markets work as the Government looks to reduce its interests in RBS and Lloyds.

A long list of 17 firms was drawn up from the Government's Catalist panel and subsequently whittled down to four. It was originally thought that UKFI intended to draw up 10-firm roster to handle the work.

Slaughters has been the go-to law firm for the Government throughout the financial crisis, and attention will now focus on how much work will be handed to the other firms on the panel once the winding-down process begins in earnest.

Late last month the Treasury appointed Lovells and Herbert Smith to a three-firm panel alongside Slaughters to advise on legal work arising from the financial crisis.

The Treasury said that the move to turn to other advisers in addition to Slaughters was made in an effort to mitigate the risks of any legal conflicts on future matters, and that it was in the taxpayers' interest for the Treasury to have a wider pool of advisers.

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