Santander and JP Morgan put legal advisers under review
Banco Santander is finalising a shake-up of its external advisers in the UK, as JP Morgan has launched a review of its preferred law firms. Santander has turned to procurement company Aquanima for the first review of its merged UK panel, which covers the legacy Abbey, Alliance & Leicester and Bradford & Bingley brands.
July 09, 2009 at 05:49 AM
2 minute read
BLP, Nabarro and Freshfields included in Santander's new UK panel
Banco Santander is finalising a shake-up of its external advisers in the UK, as JP Morgan has launched a review of its preferred law firms.
Santander has turned to procurement company Aquanima for the first review of its merged UK panel, which covers the legacy Abbey, Alliance & Leicester and Bradford & Bingley brands.
The review, which involved an online bidding process, has seen Berwin Leighton Paisner, Nabarro, Eversheds and Freshfields Bruckhaus Deringer confirmed as new appointments to the 16-firm panel, which is divided into eight sections including litigation, corporate, employment and capital markets.
The bank opted to review its advisers following the acquisitions of Alliance & Leicester and Bradford & Bingley at the end of last year, despite Abbey having last overhauled its panel in January 2008.
At that point 15 firms joined a roster including longstanding corporate adviser Slaughter and May and magic circle firms Allen & Overy (A&O) and Clifford Chance (CC). At least three of the 15 Abbey firms have been removed from the latest panel but the bank would not confirm details.
Company secretary and corporate services head Karen Fortunato said: "The review has delivered greater cost synergies and efficiencies for all our companies using legal services within the UK."
JP Morgan, meanwhile, is using its in-house procurement team to coordinate a review of its preferred firms for own-account work globally.
The banking leader currently works closely with firms including CC, A&O, White & Case, Ashurst, Herbert Smith, Simpson Thacher & Bartlett and Davis Polk & Wardwell.
Linklaters is also hoping to rebuild its relationship with the bank after JP Morgan stopped instructing it last summer due to Linklaters' role acting for Barclays in a dispute with Bear Stearns, which JP Morgan had acquired.
One UK adviser to JP Morgan told Legal Week: "The bank operates a list of preferred legal suppliers, so it's a lot softer than a formal panel but the process is being run out of the US through its procurement group."
The bank declined to comment.
News of Santander and JP Morgan's reviews come after Barclays confirmed its new legal panel last week (see page 10).
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