Magic circle firm Slaughter and May has said it will fully cooperate with MPs who have asked to know more about the firm’s relationship with collapsed outsourcing giant Carillion.
Frank Field MP, chair of the Work and Pensions Committee and Rachel Reeves MP, chair of the Business, Energy and Industrial Strategy Committee, have sought answers from the firm on advice it gave to Carillion, the fees charged, and whether its advice was followed.
The City practice was described by Carillion’s former chair Philip Green as one of the firms that had provided ‘high quality advice’ to the business. It had been involved with the company for more than a year.
The Gazette understands the firm has been asked to respond in writing by next Tuesday, before next steps are decided.
A spokesperson for Slaughter and May said: ‘We confirm we have received a letter from the chairs of the Work and Pensions Committee and the Business, Energy and Industrial Strategy Committee, asking us to answer some questions regarding our work for Carillion, to which we will of course respond.’
Earlier this week, the Gazette reported that another magic circle firm, Clifford Chance, had acquired Carillion’s ‘managed legal services’ offering, Carillion Advice Services.