Five years ago, the concept of a law firm taking roles for multiple clients on a single bid would still have been considered a bit racy. But, as Linklaters’ recent decision to push for non-exclusivity upon initial engagement shows, it has now become the norm for top City firms in large corporate auctions.
Certainly, Freshfields Bruckhaus Deringer and Clifford Chance openly admit to aiming for non-exclusive arrangements at the point of instruction. Even the conservative Slaughter and May concedes that it often takes multiple bidders in this type of transaction.
