As the world heads further into economic mayhem we bring you a snippet of ‘positive’ news to perk up the week. The downturn is obviously providing plenty of political headlines at the moment and for some lucky lawyers these will be translating into some big fees…

Slaughter and May is advising UK Financial Investments, the Government-owned company set up last year to manage its shareholdings in banks and has now been instructed to advise the Government in its attempts to trim former RBS chief exec Fred Goodwin’s pension payout. The heat has been turned up to such an extent that many are speculating the Government will pass new laws to prevent the ‘Shred’ from keeping the full amount. There are obviously principles at stake here but has anyone run a cost-benefit analysis on this one?

In another banking related feast, Norton Rose and Linklaters have both landed big roles in the record £12.5bn rights issue for HSBC. Norton Rose is advising key client HSBC whilst Linklaters is advising underwriters JPMorgan and Goldman Sachs. Not sure if its one for the Guiness book but we’ll have to wait and see if a record rights issue yields record fees.

Meanwhile DLA Piper and Manchester firm Heatons are getting stuck into the Mosaic Fashions’ administration. Solicitrs’ fashionistas watch with a keen eye as Mosaic owns retail chains such as Karen Millen and Oasis. DLA Piper has been instructed by the administrators Deloitte and Heatons is advising the management of Mosaic.

Finally, the woes of financial monster Citigroup have weighed heavily on the markets but US firms have lined up to assist with the Government-backed recapitalisation. Davis Polk & Wardwell is advising the bank but there is a veritable orgy of US firms involved in the complexities.