Barclays kicks off global panel review with firms asked to focus on 'key priorities'
The bank has informed firms it intends to open its tender process at the end of Q1
February 07, 2016 at 08:46 PM
3 minute read
Barclays has kicked off a review of its global legal panel, informing firms via email last month that the selection will be finalised in approximately six months' time.
The bank will issue the request for proposal towards the end of Q1, with Barclays stating in the email that it will focus on its 'key priorities' when allocating firms to the panel.
Barclays' last review of its external legal counsel took place in 2014, with the current panel running until 30 June this year.
That review saw the bank cut its extended roster of legal firms by 30%, with five of eight new core advisory spots awarded to US firms.
The last review saw the bank's core list of advisers – known as 'preferred firms' – grow to 19, with US-headquartered outfits Skadden Arps Slate Meagher & Flom, Latham & Watkins, Cadwalader, Boies Schiller & Flexner and Davis Polk & Wardwell joining a bench of existing UK and US-headquartered firms.
UK firms TLT Solicitors, Matthew Arnold Baldwin and Eversheds were the three other new firms to win 'preferred' status, given to firms with which Barclays has chosen to deepen its relationship and concentrate spend over time.
All firms previously appointed to the bank's main general advisory panel in 2011 were re-appointed, including Addleshaw Goddard, Allen & Overy, Clifford Chance (CC), DLA Piper, Freshfields Bruckhaus Deringer, Linklaters, Hogan Lovells and Simmons & Simmons.
CC and Freshfields are among a raft of firms to win places on Barclays first ever contract lawyer panel, which is expected to be in place later this year.
Barclay's in-house legal team was hit by several departures last year. In August, head of M&A legal Khasruz Zaman left to join Simmons & Simmons while in January, GC for corporate and investment banking Judith Shepherd stepped down from her post.
Other senior in-house departures in 2015 included managing director of litigation and investigations Jonathan Peddie, head of litigation Dave Hart, head of corporate banking legal Joanna Carver, investment bank EMEA general counsel Erica Handling and deputy group general counsel Michael Shaw.
The exits came amid a wider restructuring at the bank, which is aiming to cut 19,000 jobs by 2016.
There is a great deal of overlap between Barclay's current panel and JP Morgan's EMEA legal roster, which the bank this week confirmed to Legal Week includes Allen & Overy, Slaughter and May, Linklaters, Clifford Chance, Freshfields Bruckhaus Deringer, CMS, Norton Rose Fulbright and Eversheds.
The Royal Bank of Scotland carried out a review of its panel last year with Linklaters, Allen & Overy, Clifford Chance, Ashurst and Simmons & Simmons all winning spots.
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