Five-month process closes with at least eight firms winning spots

French insurer Axa has finalised its global legal panel after a five-month tender process, with the company appointing at least eight firms to its roster of preferred advisers.

Clifford Chance, Hogan Lovells, Clyde & Co and Holman Fenwick Willan have all been reappointed to the panel alongside US firms Edwards Angell Palmer & Dodge, Dewey & LeBoeuf and Mayer Brown. French law firm Gide Loyrette Nouel has also been reappointed.

It was unclear at the time of press whether Linklaters, Norton Rose and Simmons & Simmons have been reappointed to the panel.

The successful firms will advise the insurer for a two-year term commencing at the beginning of next month (1 April). However, Axa has retained the right to instruct specialist law firms outside of the framework.

The review was overseen by Axa's Paris-based group general counsel George Stansfield, who recently took up an additional role as head of human resources at the insurer. It is understood that the review process was focused primarily on driving down costs as opposed to overhauling the line-up of the panel itself.

One relationship partner said: "The insurer's intention was not to change the make up of the panel but to slash legal spend where possible."

Another commented: "The new fee structures will partly be based on fixed fees and then above a certain limit will be based on an hourly rate dependent upon the type of work. We have been told that the rates and fixed fee will be largely the same for all the firms on the panel."

Axa last reviewed its legal panel in May 2009 when at least 11 firms were appointed. The insurer drew up its first global legal panel in 2006. Axa declined to comment.