By James Simons-
Reputable firm Allen & Overy is being sued by the owners of London’s former Olympic stadium over its role in drafting a Premier League club’s lease agreement, it has been reported.
London Legacy Development Corporation (LLDC) and E20 Stadium have brought a professional negligence claim against the firm, following advice the prestigious firm gave on a concession agreement signed in 2013, when West Ham United was confirmed as the main tenant of the stadium.
Financial News, LLDC and E20 claim that the law firm’s poor drafting of the agreement contributed to their difficult relationship with West Ham and a series of costly legal disputes over the interpretation of the agreement.. In 2019, Allen & Overy is the world’s 10th largest law firm by revenue, and was one of two firms to surpass the US$1 trillion dollar mark in terms of deal value. It is a world leader in terms of market revenues from legal deals.
Advice given by firms or organisation that claim to possess a special skill can be liable to damages in the event of a proven error of judgement that causes harm to those who rely on the advice. However. Allan and Overy which boasts a team of formidable legal experts, have disputed the claim.
A spokesperson for Allen & Overy said: ‘This claim is entirely without merit and we will defend it vigorously.’ In 2018, the firm has faced criticism over diversity and gender pay gap. Externally the firm states, “Allen & Overy’s strategic priorities are to achieve better gender balance at its top levels and to promote greater LGBT+ inclusion.