Marconi debt restructuring work scoops £18m for A&O

Allen & Overy (A&O) is set to reap a massive £18m of fees through advising recovering telecoms giant Marconi – £2m more than the original estimated billings of all the law firms involved in the complex restructuring.

Clifford Chance (acting for a 27-strong syndicate of banks) and the bondholders&#39 lawyers Bingham McCutchen originally were together expected to bill around £16m.

It was understood that all the advisers on Marconi&#39s debt restructuring were billing £500,000 a week, giving lawyers an estimated final tally of £16m, based on the original 31 January completion date.

Although that date has now moved to 15 March, A&O is now expected to grab the lion&#39s share of the fees.