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A report by the National Audit Office said HM Treasury was ‘concerned about the cost of the legal work and considered re-procuring the legal adviser during the sale process but it decided that a change of legal team midway through the process would have been inefficient and problematic due to the time-critical nature of the work.’
Billed-time
Freshfields was appointed following a procurement process and its fees were charged on a billed-time basis rather than a fixed fee. A team led by corporate partner Stephen Hewes worked on the deal. Source: Legal Business
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