Lloyds set to hand more specialist work to main panel firms following sub panel shake up
Linklaters, Allen & Overy and Hogan Lovells among firms set to gain from review of specialist panels
January 09, 2015 at 06:06 AM
2 minute read
Lloyds Banking Group has completed an eagerly awaited review of its UK legal sub panels in a move that is set to hand more legal work to its roster of ten core panel firms.
The review of the bank's 16 sub panels, which include restructuring, insurance, group property, IP/data, pensions, HR, legal process support, financial services and financial markets, follows the bank's announcement of its main panel of ten firms last October.
Linklaters, Allen & Overy and Hogan Lovells are among the bank's main advisers which are set to gain from the process.
In a statement the bank confirmed it wanted to give more specialist work to its core advisers.
"Under our current strategy we have looked to consolidate our panels while reducing both core and specialist firms," the statement said. "To manage this change, where a firm has provided consistent value to the group, we have looked to further utilise their capabilities by expanding their remit – this has occurred in some cases this year."
According to sources, the review of the bank's 'own-account' sub panels kicked off in August, with the bank finalising the review in December.
It is understood that confirmations of success have been sent to firms on several of the panels, with the remainder set to receive notices on whether they have scored a place in the coming weeks.
In last October's core panel review the bank cut three firms – Stephenson Harwood, Osborne Clarke and Berwin Leighton Paisner. The other firms that remain on the core panel are Addleshaw Goddard, Ashurst, CMS Cameron McKenna, DLA Piper, Eversheds, Herbert Smith Freehills and Norton Rose Fulbright.
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