- General counsel: Margaret Coltman.
- Team headcount: 83 lawyers.
A choice insurance client for any law firm, Prudential currently has £457bn of assets under management and serves 23 million customers worldwide, so housing a formidable in-house legal function is a critical requirement.
The legal team is currently led by group GC and company secretary Margaret Coltman, who took on the role after moving from Lloyds Banking Group in July 2009. Known for a distinguished track record in the financial services industry, Coltman restructured the legal team so that each of its four core businesses has its own legal panel, and an additional head office panel, led by Coltman herself and group legal director Simon Ramage.>
Coltman was further tasked with maximising efficiency of the in-house legal team to better service the group’s four main business units: Prudential Corporation Asia, Jackson National Life Insurance Company, Prudential UK and M&G.
Coltman’s highly-rated team includes group legal counsel Kim Bromley, and in-house solicitor Tom Clarkson.
Last year, both featured in Legal Business’ GC Power List as rising stars. Head of corporate Edward McCarthy is praised for leading innovative process changes, restructuring the way Prudential UK drafts bespoke contracts and standardising bulk annuity terms, thereby saving time and costs.
Last year saw the team work on Prudential’s flexible drawdown model ahead of set-piece pension reforms coming into force this year. Part of the team’s agenda in 2015 will be advising on the long-awaited Solvency II rules, which will introduce tougher capital requirements under new Europe-wide rules to make the industry more stable.