Nationwide cuts commercial lending legal panel from 60 to 17 firms
Nationwide Building Society has cut back the number of advisers on its commercial lending panel from 60 to 17, following a rigorous selection process which kicked off in August. The building society has added seven new firms to the roster, including Addleshaw Goddard, DLA Piper, LG, Reed Smith, Shoosmiths, Taylor Wessing and TLT. Aside from the new appointments, Nationwide has retained four of the firms that were already on the panel - Burges Salmon, Nabarro, Olswang and Eversheds.
October 22, 2010 at 10:59 AM
2 minute read
Nationwide Building Society has cut back the number of advisers on its commercial lending panel from 60 to 17, following a rigorous selection process which kicked off in August.
The building society has added seven new firms to the roster, including Addleshaw Goddard, DLA Piper, LG, Reed Smith, Shoosmiths, Taylor Wessing and TLT.
Aside from the new appointments, Nationwide has retained four of the firms that were already on the panel – Burges Salmon, Nabarro, Olswang and Eversheds.
In the northwest, Nationwide Commercial will continue to work with DWF, Hill Dickinson, Pannone, Brabners Chaffe Street and Manchester firms Kuits and Berg Legal.
The review of the 60-strong panel was overseen by general counsel Liz Kelly, with the selection process including a review of fee structures and value-added services.
Group legal manager Susan Manik, who was also involved in the tender process, said: "The review has allowed us to improve our working relationships with our legal advisers, as well as better manage our commercial lending volumes. The number of firms on the panel now reflects the current volume of new commercial lending and associated work."
In addition to advising on Nationwide's general corporate lending, a number of firms appointed to the panel will be used to undertake property and security work arising from Nationwide's commercial lending operation.
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