Four top law firms win Nama contracts

FOUR OF the State’s top law firms have been awarded new contracts to provide legal services to the National Asset Management Agency.

A & L Goodbody, Arthur Cox, McCann Fitzgerald and William Fry have won contracts to provide corporate legal services advice to the agency.

The original tender precluded firms with a turnover of less than €25 million from applying for the contract, effectively limiting the pool of firms which could apply for the contracts.

The agency received eight tenders for the contract. It has not revealed the value of the deal.

All four firms already carry out significant work for Nama.

Earlier this month it emerged that Nama had spent €27.55 million on legal expenses since it was established just over two years ago, with Arthur Cox the highest paid law firm.

According to information provided by Nama chief executive Brendan McDonagh in response to a parliamentary question from Sinn Féin leader, Gerry Adams, Arthur Cox, the State’s biggest law practice, received €3.07 million – €1.9 million in 2010 and €1.16 million in 2011 – William Fry received €1.45 million, while AL Goodbody received €1.37 million during this period.

McCann Fitzgerald was not listed as one of the top 10 recipients of legal fees.

However, according to the firm’s website it “advises participating and non-participating banks on loan transfers, refinancings and enforcement issues involving loans and related security transferring to Nama and coming under its management”.