Nationwide is gearing up to launch a panel review of its group-wide advisers in the New Year.

The building society will start the review in early 2013, marking the first time it has been looked at since its launch in July 2009.

The current line-up comprises five firms – Allen & Overy (A&O) Eversheds, Burges Salmon, Olswang and Nabarro. The bank has not yet decided whether this number will change.

The review will be led by general counsel Liz Kelly, with no timescale given for its completion.

A Nationwide spokeswoman said: "Like any prudent business we're in regular discussions with our panel partners to ensure a good working relationship and consistent service.

"We've had the current panel in place for the last three years and have taken the decision to undertake a review, which we expect to commence in early 2013."

The news comes after Nationwide significantly cut back the number of advisers on its commercial lending panel from 60 to 17 in October 2010. Burges Salmon, Nabarro, Olswang and Eversheds were retained on the panel with seven new firms added including Addleshaw Goddard, DLA Piper, LG and Reed Smith.

The selection process included a review of fee structures and value-added services.

Nationwide merged its compliance and legal functions in the wake of a strategic review carried out in collaboration with professional services giant KPMG in December last year.

Dubbed 'the lean report', the overhaul did not result in any redundancies but was carried out with a view to the building society increasing its use of in-house paralegals and junior lawyers.