HSBC adds quartet of US law firms to knowledge-sharing venture
Banking giant HSBC has added four US firms to its knowledge-sharing venture in a bid to improve its understanding of the US legal market. White & Case, Cleary Gottlieb Steen & Hamilton, Wilmer Hale and New York State law firm Phillips Lytle have been added to the bank's in-house SmartSearch database - taking the roster of firms sharing their know-how with the bank to 17.
March 02, 2011 at 07:52 PM
2 minute read
Bank moves to boost access to US legal data with KM venture
Banking giant HSBC has added four US firms to its knowledge-sharing venture in a bid to improve its understanding of the US legal market.
White & Case, Cleary Gottlieb Steen & Hamilton, Wilmer Hale and New York State law firm Phillips Lytle have been added to the bank's in-house SmartSearch database – taking the roster of firms sharing their know-how with the bank to 17.
SmartSearch, which allows HSBC's legal team to access legal know-how and precedents at panel firms, now comprises magic circle firms Linklaters, Clifford Chance, Freshfields Bruckhaus Deringer and Allen & Overy (A&O) and City firms SNR Denton, Norton Rose and CMS Cameron McKenna.
Other firms signing up to the database in the last two years include Wragge & Co, Eversheds, Pinsent Masons, Australia's Dibbs Barker and offshore firm Ogier. Mayer Brown became the first US firm to sign up in 2009.
All the firms which are part of the knowledge-sharing venture also hold a position on one of HSBC's legal panels, but it is understood that firms are given extra incentives to join the knowledge-sharing database, including guaranteed work levels.
One adviser commented: "In order to gain access to a firm's know-how and precedents, clients have to provide us with incentives to do so. This can include arrangements whereby a firm will be used exclusively in particular areas, as well as a guaranteed amount of work over a certain period."
The SmartSearch system was rolled out three years ago following a pilot scheme in 2007 involving five panel firms, including Norton Rose and A&O.
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