First, a little history. It was in the mid-1980s that Freshfields Bruckhaus Deringer decided to act for banks as well as the Bank of England, the client it was set up to advise more than 200 years ago. The impassioned managing partner at the time, John Grieves, formed a heavy-hitting team of Anthony Salz, Alan Peck and Gavin Darlington to devise and push through the strategy.
By all accounts, the move was successful, but it has – as was debated at the time of the decision – created an unusual legal situation where the main adviser to the regulator happens to be counsel to a good number of the regulated.
