BNP Paribas GC launches global panel review with expansion aim
BNP Paribas has kicked off its first global panel review since bringing in the former head of Herbert Smith's Paris banking practice, Georges Dirani, in October 2010 as general counsel. The France-headquartered bank sent out a tender document to more than 20 firms last month, with a view to increasing the size of the roster to take into account the bank's geographic reach.
July 13, 2011 at 07:03 PM
2 minute read
BNP Paribas has kicked off its first global panel review since bringing in the former head of Herbert Smith's Paris banking practice, Georges Dirani, in October 2010 as general counsel.
The France-headquartered bank sent out a tender document to more than 20 firms last month, with a view to increasing the size of the roster to take into account the bank's geographic reach.
Dirani is leading the review, with all firms on the current line-up invited to pitch, including Allen & Overy, Clifford Chance, Linklaters, Hogan Lovells, Cleary Gottlieb Steen & Hamilton and White & Case, as well as French leader Gide Loyrette Nouel.
Other regular advisers have also been given the opportunity to pitch. These are understood to include Herbert Smith and Ashurst, which advise the bank in the UK and France, as well as Skadden Arps Slate Meagher & Flom, Milbank Tweed Hadley & McCloy, Sidley Austin and Morgan Lewis & Bockius, which advise the bank on US matters.
One adviser commented: "The firms currently on the global panel are facing serious competition from up-and-coming firms. Herbert Smith, for one, has extremely close links to the bank – not only because of Dirani, but also because it already advises the bank in 10 separate jurisdictions."
News of BNP Paribas' review comes after Barclays and Banco Santander recently completed reviews of their global and UK legal advisers respectively.
Barclays' review saw the bank add a number of US firms to its general advisory panel for the first time, with Cleary Gottlieb, Shearman & Sterling and Sullivan & Cromwell all making the line-up.
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