Although not yet announced by NAMA (too busy counting the money from selling UK car parks? – more soon perhaps), Legal Week online magazine is reporting that NAMA has appointed nine UK law firms for a period of three years to deal with enforcement and refinancing matters. The nine firms are:
(1) Allen & Overy
(2) Denton Wilde Sapte
(3) DLA Piper
(4) Eversheds
(5) Macfarlanes
(6) Nabarro
(7) Simmons & Simmons
(8) Taylor Wessing
(9) Wragge & Co
They join 64 Irish firms on a panel for primarily due diligence. Of course Dublin firm Arthur Cox is the lead law firm acting for NAMA. NAMA claims to have achieved excellent rates for the panels of advisers and professionals appointed, and NAMA is complying with government tendering rules which apparently allowed NAMA to spend €2.45m on PwC “secondment fees” in the period up to 31st March, 2010 without any tendering whatsoever.
It will be interesting to see how NAMA demonstrate value for money in this area – if fees are being pared to the bone (the impression given by NAMA) then would Legal Week be describing the panel places as “coveted”? Legal Week report that NAMA will spend €25m on legal counsel in the coming year, presumably after due diligence in acquiring loans has been completed.
NAMA Wine Lake 