Magic circle firms among array of advisers accused of 'squeezing income' from Carillion

Carillion inquiry report says firms were used as 'badge of credibility' as company unravelled

The parliamentary inquiry into the collapse of Carillion has accused law firms including Slaughter and May, Clifford Chance (CC) and Freshfields Bruckhaus Deringer of “squeezing fee income” from the company as it collapsed amid “recklessness, hubris and greed”.

The final report into the construction company’s high-profile demise – produced by the Business, Energy and Industrial Strategy and Work and Pensions select committees – describes Carillion’s business model as an “unsustainable dash to cash”, adding that the “mystery is not that it collapsed, but how it kept going for so long”.

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