General Electric (GE) has named five firms on its first-ever European M&A panel, handing out lucrative mandates to Freshfields Bruckhaus Deringer, Weil Gotshal & Manges, Slaughter & May, Allen & Overy and Ashurst.

The quintet, which have all advised GE in the past, will look after its major transactional work in Europe after winning out in the latest plank of a sweeping review of the US company external legal advisers.

GE is also expected to instruct Slaughter & May best friend firms Bredin Prat, Hengeler Mueller and Bonelli Erede Pappalardo for its continental work.

Benedict O'Halloran, head of legal for GE's European M&A operations, led the review.

O'Halloran told Legal Week the company would still be free to look outside of its new line-up for specialist advice.

He added: "We are operating under a fundamental objective which is to focus on fewer relationships with external advisers. The process started in the US five years ago and we are currently extending it in Europe."

As part of the continuing shake-up, GE European general counsel Mark Elborne is currently overseeing a major revamp of all the company's European legal panels and is setting up a series of practice-specific rosters that identify preferred suppliers for litigation and regulation work.

The shake-up is expected to be completed in 2008.