Lloyds Banking Group has finalised its new-look legal panel, with a raft of City names winning spots on the first combined legal adviser roster since Lloyds TSB sealed its takeover of HBOS in January 2009.

Firms understood to have been appointed include regular HBOS adviser Allen & Overy (A&O) and longstanding Lloyds counsel Linklaters, with Clifford Chance (CC), Hogan Lovells, SNR Denton, Norton Rose, Herbert Smith, Ashurst, Mayer Brown, Eversheds and CMS Cameron McKenna among the other firms appointed to the roster.

Firms learned of the appointments last week (15 October) after a lengthy review process that started in May and was initially expected to end in August.

The panel has been organised by practice line, with advisers named to one or several of around 25 panels, covering areas such as retail banking and wholesale litigation.

Lloyds declined to confirm details; however, it is understood that the review has seen some law firms agree to significant discounts on fees for some work, equating to around 20% on hourly rates.

A bank spokesperson said: "Following a strategic review, we have restructured our legal services and can confirm that our group panels have now been finalised. Like any other company, we undertake regular reviews of our supplier relationships to ensure we are getting the best service. We will continue to work with external suppliers when there is a benefit to the group or our customers."

Lloyds TSB most recently reviewed its panel at the end of 2008, when A&O, Norton Rose, Linklaters, Camerons, legacy Lovells, Eversheds and legacy Denton Wilde Sapte were all reappointed to the bank's main panel, with Forsters winning a first-time spot.

A&O was one of HBOS' most frequent advisers prior to the merger, but the bank also instructed legacy Dentons, Travers Smith, Macfarlanes, Linklaters, Herbert Smith, Burges Salmon and legacy Lovells.

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