Deutsche Bank has embarked on a full-scale panel review that will see it reassess its legal advisers on a global, jurisdictional and product level.

The overhaul, which is being led by UK and Western Europe general counsel Emma Slatter, will focus on cost-savings and risk-sharing as well as value-added extras.

As part of the two-yearly review, the bank is understood to be placing a number of specific conditions in its request for proposals including non-payment for some aborted deals, limits on expenses that can be billed, a total of five secondments to the bank from primary advisers and training for in-house lawyers. The bank is also asking firms to provide details of outsourcing options and diversity programmes.

Deutsche currently uses over 100 firms worldwide, but it is understood that Slatter, who succeeded Simon Dodds as GC earlier this year, is installing a more rigid system in response to the prolonged market turmoil.

The bank introduced a new tendering system last year in an effort to secure more value from its advisers. The so-called 'Click for Legal' programme sees firms bid for specific work, with successful firms approved by the bank's business management team in order to more closely monitor legal spend.

The new panel roster will not be exclusive, with other law firms used for certain transactions under what is known as a 'fishing licence' agreement, whereby the bank can instruct firms outside the panel for certain transactions.

Deutsche's current adviser line-up includes Allen & Overy, Clifford Chance, Linklaters and White & Case. Other law firms with strong ties to the bank include Latham & Watkins and Hengeler Mueller.