Herbert Smith Freehills (HSF) has taken the lead advisory role on former Freshfields Bruckhaus Deringer senior partner Anthony Salz's independent review of business practices at Barclays, the results of which have been published today (3 April)

The Salz Review, which was prompted by the fallout from the Libor rate-rigging scandal, has led to the publication of a 244-page report setting out "a roadmap to help [Barclays] restore trust and its reputation".

Among its findings, Salz found that rapid growth at the bank in the 2000s had meant "Barclays became complex to manage, tending to develop silos with different values and cultures", which tended to favour "transactions over relationships, the short term over sustainability, and financial over other business purposes".

The report also criticises the compensation of the bank's top earners, saying "compensation for the 'group of 70′ was consistently and significantly above the median compared to peer banks".

anthony-salzSalz (pictured), who was brought in last July to head the inquiry, was charged with reporting to the bank's deputy chairman Sir Michael Rake and a sub-committee of the Barclays board. As well as HSF, he also worked with former Deloitte vice chairman Russell Collins and the Boston Consulting Group, which handled analytical support and consulting advice.

The report also details HSF's fees and expenses for legal advice to the review of £700,000, as well as an additional £1.1m in legal fees to support the process of interviewing personnel at Barclays.

The interview process involved speaking with a sample of employees across Barclays business units, functions and regions, including teams from legal, compliance and risk.

Other fees details within the report included £1.5m for Rothschild, where Salz is executive vice chairman, to cover the cost of his time leading the review.

Barclays was advised by elite US litigation firm Boies Schiller & Flexner.

Last month Barclays came in for renewed criticism of its compensation, when it paid out top directors £40m in shares, including £3.6m for outgoing general counsel Mark Harding.

Salz retired from Freshfields in March 2006, two years after he was elected for a four-year term as the firm's joint senior partner alongside Germany's Konstantin Mettenheimer. He had worked at the magic circle firm for 30 years, where he was senior partner for nearly a decade. He also took on a part-time role as BBC vice-chairman in 2004.