The LibDems have condemned the Treasury for paying City law firm Slaughter and May for these services saying the Government department are “babes in arms” when it comes to commercial contracts.
LibDem Treasury spokesman Lord Oakeshott says: “This payment is simply mind blowing. It comes to £175,000 for every single equity partner of the law firm.
“How can the Treasury defend allowing the firm to run up such an astronomical bill, the equivalent to 22,000 billable hours of partners’ time at £1,000 an hour?
“Even if the financial crisis meant that there was no time to shop around at the start for the best legal deal, the Treasury should then have driven a much harder bargain, not left them like a fleet of legal taxis in Whitehall with their meters running for months on end.
“The Treasury think they know it all, but they are babes in arms on commercial contracts.”