RenCap adds A&O to panel with existing advisers reappointed

Allen & Overy (A&O) has won a first-time spot on Russian investment bank Renaissance Capital's (RenCap's) legal panel.

The magic circle firm is the only new global addition to the roster following the review, which has seen all six existing advisers reappointed and a small number of firms added in specific jurisdictions.

The overhaul means A&O will line up alongside existing panel members Herbert Smith, Hogan Lovells, Cleary Gottlieb Steen & Hamilton, White & Case, Skadden Arps Slate Meagher & Flom and Latham & Watkins to advise the bank.

In addition, around five further firms have been added to provide advice in local jurisdictions such as sub-Saharan Africa or on specialist areas such as litigation.

The review was kicked off earlier this summer by the bank's executive vice chairman Ashar Qureshi (pictured), who joined earlier this year from Cleary's City office, where he was a partner.

RenCap concluded its first formal legal panel in August 2009; however, Qureshi decided to expand the panel in order to mirror the international growth of the emerging markets-focused bank.

Qureshi said the review had been concluded to RenCap's satisfaction, with the total number of panel places doubling from six to around a dozen. He declined to name other new additions to the roster.

He said: "The panel review was about contracting costs and making sure we have the right advisers. It has been a very productive process and we got out of it what we wanted."

The bank is expecting to revisit its panel arrangements in around 12-18 months' time.

Other firms invited to pitch for the expanded panel included Clifford Chance, Linklaters and Simmons & Simmons, as well as US firm Baker & McKenzie, which have all advised RenCap in the past.