Whilst it is still a major concern that NAMA is severely under-resourced to manage a portfolio of loans of €73bn at par value and €30bn-odd at acquisition value, with just 43 employees it appears that NAMA has at last appointed another panel of legal advisers to assist with enforcement proceedings (foreclosure of loans, receiverships, insolvency – note that the contract awarded is for legal advice, the contract for actual insolvency practitioners has not been awarded yet though as reported on here the fees are likely to be juicy) and refinancing (NAMA hopes to be able to advance up to €5bn to developers mostly to complete projects).
The tender was advertised in March 2010 and the panel was appointed last week. It’s the usual faces as regards the Irish firms.
(1) A&L Goodbody Solicitors
(2) Arthur Cox
(3) Beauchamps Solicitors
(4) Byrne Wallace
(5) Eugene F. Collins
(6) Eversheds O’Donnell Sweeney Solicitors
(7) Gartlan Furey Solicitors
(8) Hayes Solicitors
(9) Lavelle Coleman Solicitors
(10) LK Shields Solicitors
(11) Maples and Calder
(12) Mason Hayes + Curran
(13) Matheson Ormsby Prentice
(14) McCann Fitzgerald
(15) McDowell Purcell Solicitors
(16) Ronan Daly Jermyn Solicitors
(17) Whitney Moore Solicitors
(18) William Fry
Nine of the UK firms were reported on here in September 2010. The complete list on the panel is (and don’t be surprised to see some Irish-centred firms)
(1) A&L Goodbody Solicitors
(2) Allen & Overy LLP
(3) Arthur Cox
(4) Ashurst LLP
(5) Brodies LLP
(6) Burges Salmon LLP
(7) Burness LLP
(8) C & H Jefferson Solicitors
(9) Carson McDowell
(10) Clifford Chance LLP
(11) Denton Wilde Sapte LLP
(12) DLA Piper UK LLP
(13) Dundas & Wilson LLP
(14) DWF LLP
(15) Eversheds LLP
(16) Herbert Smith LLP
(17) Hogan Lovells International LLP
(18) John McKee & Son Solicitors
(19) MacFarlanes LLP
(20) Nabarro LLP
(21) Olswang LLP
(22) Simmons & Simmons
(23) Slaughter and May
(24) Taylor Wessing LLP
(25) Tods Murray LLP
(26) Tughans Solicitors
(27) Wragge & Co LLP
UPDATE: 8th November, 2010. The Sunday Tribune reports that the redoubtable Mr Justice Peter Kelly reduced McCann Fitzgerald’s (no 14 above for Ireland) fees in an insolvency case by 21%. He is reported to have said “The economic climate in this state has changed radically since February 2006 and the court cannot but be aware of substantial reductions in fees in the majority of professions. It is not open to the court to close its eyes to this reality in carrying out the statutory function entrusted to it”
NAMA Wine Lake 
I make that four Belfast based firms: Tughans, CarMc, John McKee and Jeffersons. Though Goodbody and Arthur Cox also have offices there. Indeed Arthur Cox should have the highly rated insolvency guy Kieran McGarrigle starting on Monday. He was the head of insolvency at L’estrange and Brett but seems to have bailed about the time they got taken over by McGrigors. I can’t imagine he had much of a leaving do as McGrigors reckoned his move was not strictly performed within the terms of his contract. They issued High Court proceedings in an attempt to injunct him out of practice until 2012 and were also seeking damages. Though one assumes the whole thing has now been settled.
Indeed Kieran’s profile seems to have been unceremoniously removed from McGrigors’ website (http://www.mcgrigors.com/404.html?aspxerrorpath=/our_people/partners/kieran_mcgarrigle.html) though if you’re quick you will still find the cached version of his profile which was indeed glowing – “Kieran was named as a “leader in the field” for restructuring/insolvency in Chambers UK Guide to the Legal Profession in 2009 and was described as an “impressive insolvency specialist”. The Guide also describes him as an “good guy with a good reputation in the marketplace. He is very personable, pragmatic and sensible to deal with, and will work collaboratively with you”. Kieran is also recommended by both the Legal 500 and the European Legal 500 for restructuring and insolvency related matters. ” His appointment at Arthur Cox seems to have been accompanied by little fanfare (I see his profile has been amended at Chambers and Partners http://www.chambersandpartners.com/uk/Firms/480-34839/214481 and is included under the Arthur Cox firm profile http://www.chambersandpartners.com/uk/Firms/480-34786)
I notice a few Scottish firms on the UK list, perhaps reflecting that virtually all big northern developers loved the Scottish shopping centre. Dundas and Wilson who are on that list were unsecured creditors to the tune of £900k when the Hegarty’s went under.