Citigroup names 'golden nine' line-up of UK firms in two-tier EMEA panel
Citigroup has overhauled its external legal arrangements, creating two new panels of preferred law firms. The banking giant has unveiled new panels of advisers in the Europe, Middle East and Asia (EMEA) region and the US, formalising its previous roster of law firms.
May 19, 2010 at 07:04 PM
3 minute read
Banking giant revamps EMEA and US external counsel panels
Citigroup has overhauled its external legal arrangements, creating two new panels of preferred law firms.
The banking giant has unveiled new panels of advisers in the Europe, Middle East and Asia (EMEA) region and the US, formalising its previous roster of law firms.
In the EMEA region, Citi has created a two-tier panel of firms dubbed the 'golden nine' and 'silver sixteen'.
The top nine advisers are Clifford Chance (CC), Allen & Overy (A&O), Linklaters, Freshfields Bruckhaus Deringer, Herbert Smith, Hogan Lovells, Ashurst, Norton Rose and Beachcroft, which advises the bank on employment matters.
The second tier includes Denton Wilde Sapte and Simmons & Simmons.
Earlier this week (17 May) the bank also named its chosen advisers in the US, with the creation of a three-tier structure which sees firms banded into the premier, select or panel class.
The premier class has a total of 15 firms, while the select tier has 12 and the panel class a significantly larger number of firms banded into highly specialist practice areas.
Only four UK-based firms have made it into the top two tiers of the panel, with CC, A&O and Linklaters included in the premier class and Freshfields in the second tier of US advisers.
Other members of the US premier tier include Cleary Gottlieb Steen & Hamilton; Cravath Swaine & Moore; Davis Polk & Wardwell; Mayer Brown; Milbank Tweed Hadley & McCloy; Morgan Lewis; Paul Weiss Rifkind Wharton & Garrison; Shearman & Sterling; Sidley Austin; Skadden Arps Slate Meagher & Flom; Wilmer Cutler Pickering Hale and Dorr and Stroock & Stroock & Lavan.
Citi moved away from a formal panel structure a few years ago but the bank has reinstated a more prescribed structure in order to better control fees and manage agreements such as secondments and training. Citi still reserves the right to instruct firms outside the arrangement.
Citi has moved to cut its legal spend in recent years, including through alternative billing arrangements.
Speaking at a panel debate last October, Citi GC Michael Helfer said that the bank now uses alternative fee arrangements for around 30% of its work.
Citi declined to comment.
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