Herbert Smith Freehills and Ashurst among 12 firms to win places on SocGen's new global panel
French bank appoints advisers for six-year terms after 'nightmare' reverse auction
December 11, 2017 at 08:44 AM
2 minute read
The original version of this story was published on Law.com
French banking giant Societe Generale has concluded a review of its global legal panel, with Herbert Smith Freehills (HSF), Ashurst and Dentons among the firms making the cut.
The new roster, which will take effect from 1 January next year, also includes Simmons & Simmons, Baker McKenzie and French firm Gide Loyrette Nouel.
In total, 12 firms have been appointed for six-year terms on the panel.
HSF, Simmons, Bakers and Gide were all on the bank's previous global panel, which has been in place since 1 January 2012.
Other long-term advisers to SocGen include Allen & Overy (A&O), Clifford Chance (CC), Paul Hastings, Jones Day, Norton Rose Fulbright and Shearman & Sterling.
Sources involved in the review told Legal Week that the reverse auction process used for the final round had prompted some concerns. A partner at one firm in the process said: "The auction process was quite a nightmare. There were only about €30 between firms in the end."
The review was led by France-based Olivia Brunet de Viry, a director within the bank's law firm policy group.
The bank's last review in 2011 saw 12 UK and international firms appointed for six-year terms, before which panel appointments lasted for three years.
Firms appointed in 2011 included A&O, Bakers, HSF, CC, Hogan Lovells, Norton Rose, Simmons, Shearman, Jones Day and Paul Hastings, Gide and PwC.
SocGen declined to comment. All firms declined to comment.
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