Lloyds appoints over 50 firms to sub panel spots
Pinsent Masons, Reed Smith and Irwin Mitchell among winners of places across 16 sub panels
February 08, 2015 at 08:03 PM
2 minute read
Reed Smith, Pinsent Masons and Irwin Mitchell are among over 50 firms to have won spots on Lloyds Banking Group's UK legal sub panels.
All three firms have been awarded spots on the bank's litigation panel, one of 16 own-account rosters to have been decided, Legal Week has learnt.
Pinsent Masons has also won spots on multiple other sub panels, while Irwin Mitchell has one other panel appointment covering financial services and products work.
The sub panels are set to run until October 2016 and many firms have already picked up mandates from the panel appointments.
It is understood that there are over 50 firms appointed across all the sub panels, which cover a wide range of practice areas including restructuring, insurance, group property, intellectual property, data, pensions, HR, legal process support, financial services and financial markets.
All firms will be required to make secondees available to the bank as a result of their panel positions, but the amount of these they will need to provide is dependent on the number of ongoing matters they have with the bank.
The banks is still preparing a full list of panellists to send to firms, Legal Week understands.
The bank has previously said that it intends to give more specialist work to its core panel firms in order to consolidate its legal adviser ranks. The firm cut three firms – Stephenson Harwood, Osborne Clarke and Berwin Leighton Paisner – from its core panel in October, reducing the roster to 10.
Lloyds declined to comment on the sub panel appointments.
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