| Employment, Pensions & Benefits Team of the Year |
Previous Winners
In an area that has suffered at the hands of recession-fuelled funding problems, a volatile market and a significant drop-off in buyout work, Bakers held its own and continues to win instructions on large and impressive mandates. The 2009 highlight was its work for the Merchant Navy Officers Pensions Fund (MNOPF) – the industry-wide scheme established in 1937 to enable shipping companies to provide retirement and death benefits for officers. The Bakers team advised the trustees of the MNOPF in securing approximately £500m of pensions liabilities through a bulk annuity contract purchased from niche insurance company Lucida.  This highlight deal was the jewel in the crown, but the year’s standout matters also included acting for DENSO on a buy-in/buyout arrangement with Pension Insurance Corporation, designed to remove all liability from its balance sheet. The practice boasts a roster of additional impressive clients, among which MetLife Assurance stands out not only for profile but for its longstanding relationship and continuing trust in the group. HIGHLY COMMENDEDHERBERT SMITHPeter FrostCapitalising on strength and reputation across its network, Herbert Smith, in collaboration with alliance partners Gleiss Lutz and Stibbe, acted for Ernst & Young as the administrators of Nortel Networks UK. The group advised on all employment issues arising from the administration of more than 30 of Nortel’s subsidiaries across the EMEA region, which is the largest-ever pan-European filing undertaken under the European Insolvency Regulations to date. LINKLATERSJanet CooperWith a number of key clients that have seen a lot of limelight in the past year, Linklaters has remained a ‘go-to’ firm for many large financial institutions and banking giants. A real highlight was the team’s advice to The Royal Bank of Scotland on the restructuring of its £1bn bonus awards for over 100,000 employees across more than 60 countries. LOVELLSKatie BanksLong-term client relationships speak volumes to the levels of trust and satisfaction that a practice instils and delivers. This is an area in which the Lovells team excels. It recently advised longstanding client ITV on the implementation of a variety of innovative ways to reduce the risk and liabilities of its £2bn defined-benefit scheme, the ITV Pension Scheme. MISHCON DE REYAJoanna BlackburnIn addition to its strong respondent practice, the feisty team at Mishcon continues to receive high-profile work from senior corporate individuals. Its instruction by ten of the 14 executive committee members of Dresdner Bank over guaranteed bonuses in the High Court last year attracted much media and industry attention, as did representing 21 Dresdner bankers in a related group action. RUSSELL JONES & WALKEREdward CooperThis firm remains at the top of its game in the claimant market and the practice continues to grow. Highlights of an outstanding year include increasing services to Accord and winning new private sector and banking clients, such as Nationwide Group Staff Union and the University and College Union, and are demonstrative of the practice’s expanding client base. SACKER & PARTNERSIan PittawayNo stranger to standout pensions work, Sackers advised the trustees of the larger of the two Sea Containers Ltd (SCL) pension schemes on a novel plan to allow SCL to exit its Chapter 11 proceedings in the US by transferring its interest in its business to a new company owned by its creditors, including the pension schemes. Award sponsored by V&P |