City advisers called to pitch as RenCap's incoming law chief starts new panel review

Russian investment bank Renaissance Capital has kicked off a review of its law firm roster after group head of compliance Mark Harris took up an expanded role as head of legal earlier this year.

The Moscow-headquartered bank sent out pitch documents to all of its current panel firms – which include Allen & Overy (A&O) and Herbert Smith – as well as a number of non-panel firms advising it on an ad hoc basis earlier this month.

Harris (pictured), who joined Renaissance Capital in 2010 from defunct bank Lehman Brothers, where he was managing director and head of compliance for Europe and the Middle East – is leading the review after taking up the group head of legal role earlier this year.

The biannual review is expected to conclude later this year. Former vice chairman Ashar Qureshi, who left the bank in February to join independent film company Luminaire Films as executive vice chairman, was previously responsible for the legal team and led the last review in 2010.

That review saw Qureshi, who joined Renaissance Capital in 2010 from the London office of Cleary Gottlieb Steen & Hamilton, appoint around a dozen firms. 

A&O won a first-time appointment alongside existing panellists Herbert Smith, Hogan Lovells, Cleary, White & Case, Skadden Arps Slate Meagher & Flom, and Latham & Watkins.

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

Renaissance Capital drew up its first formal legal roster in 2009, when then general counsel Steven Wootton set about capping legal fees and building deeper relationships with a smaller number of firms.

Qureshi then decided to expand the line-up when he joined the following year to mirror the international growth of the emerging markets-focused bank.

Commenting on the latest review, one partner said: "We didn't make it onto the panel in 2010, and the bank is giving us another go. We have heard the process is likely to be very competitive – they are keen to improve contracting costs."