Bain Capital's credit affiliate Sankaty Advisors is set to create an informal panel of law firms in Europe, with Kirkland & Ellis, Ropes & Gray and Ashurst among those hoping to benefit from the move. 

The organisation is also considering whether to bring in a London-based general counsel to oversee transactions in Europe and manage its law firm relationships in the region.

The move comes after Sankaty, which has around $15.5bn (£9.9bn) of fixed income and credit instrument assets under management, hired Michael Butler from TPG-Axon Capital as associate general counsel last year with a remit to oversee its growing European business from the US headquarters in Boston.

Butler is leading the European adviser review, which is set to conclude later this year, alongside company-wide general counsel Ranesh Ramanathan, who is also based in Boston.

In Europe, Sankaty instructs US law firms including Ropes & Gray and Kirkland & Ellis and UK firms such as Freshfields Bruckhaus Deringer, Ashurst and Macfarlanes.

One relationship partner commented: "They are doing an increasing amount of work in Europe and having used a large number of firms in the past, they want to rationalise their use of external counsel."

Bain Capital, the company's parent, has also been increasing its presence in London and last year brought in Simpson Thacher & Bartlett City associate Bart Gombert as its first European general counsel.

Bain has relied heavily on Kirkland for European legal advice, but private equity partners in the City said the buyout house is considering widening its relationships and adding another preferred firm.