Lloyds Banking Group set to cut law firm roster by 10% in adviser review
Lloyds Banking Group is set to cut back its law firm roster by around 10% in a UK panel review due to kick off later this month. The bank, which appointed its last legal panel in 2010, has sent a letter to firms informing them they will receive tender documents on 23 July, with pitch submissions due three weeks later and a final line-up expected to be confirmed by early autumn.
July 13, 2012 at 04:18 AM
2 minute read
Bank will invite firms to pitch later this month
Lloyds Banking Group is set to cut back its law firm roster by around 10% in a UK panel review due to kick off later this month.
The bank, which appointed its last legal panel in 2010, has sent a letter to firms informing them they will receive tender documents on 23 July, with pitch submissions due three weeks later and a final line-up expected to be confirmed by early autumn.
Lloyds' head of operations group legal Julie Thorburn is leading the process alongside group general counsel Kate Cheetham, with successful firms to be appointed for a minimum two-year term.
The bank's current panel includes magic circle firms Allen & Overy, Linklaters and Clifford Chance, as well as Hogan Lovells, SNR Denton, Norton Rose, Herbert Smith, Ashurst, Mayer Brown, Eversheds, CMS Cameron McKenna and Addleshaw Goddard.
One relationship partner commented: "Our understanding is that the bank is not reshaping its panel drastically, but is looking at reducing the number of core firms it works with most often on large instructions. The main focus is low fees – no surprises there – and they would like to choose a select band of firms for their competition work."
The current structure is understood to comprise about 25 panels covering areas such as retail banking and wholesale litigation. The pitch process will be conducted online.
Another relationship partner commented: "They are looking to make some changes this time around in terms of
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