Lloyds set to appoint new legal chief as GC confirms retirement
Lloyds Banking Group general counsel and company secretary Harry Baines is set to retire from the bank, almost four years after taking the top legal role in the wake of the Lloyds TSB-HBOS merger, it has emerged. Baines, the former legal head of HBOS, took up his current role in October 2008 following Lloyds TSB's £12.2bn takeover of HBOS, which formally took effect in January 2009.
July 30, 2012 at 10:03 AM
2 minute read
Lloyds Banking Group general counsel and company secretary Harry Baines is set to retire from the bank, almost four years after taking the top legal role in the wake of the Lloyds TSB-HBOS merger, it has emerged.
Baines, the former legal head of HBOS, took up his current role in October 2008 following Lloyds TSB's £12.2bn takeover of HBOS, which formally took effect in January 2009.
He will leave the bank in the coming months, although his departure date is yet to be confirmed. The bank is currently in the process of conducting an external and internal search for his replacement.
Kate Cheetham, who was appointed as general counsel for group legal at the combined entity in May 2009, is seen as the most likely candidate to succeed Baines.
The news comes as Lloyds kicks off a review of its legal advisers, with tender documents due to have reached firms last week. The bank is planning to cut back its law firm roster by around 10%.
Pitch submissions are due next month and a final line-up is expected to be confirmed by early autumn, with Cheetham and Lloyds' head of operations group legal Julie Thorburn leading the process.
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.
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