Standard Chartered set to unveil new international legal panel after adviser review
Partners expecting to discover results of bank's panel review in coming weeks
April 05, 2017 at 05:09 AM
2 minute read
Standard Chartered is close to completing the latest review of its international legal panel, with firms expecting to be informed if they have been successful in the coming weeks.
The London-headquartered bank, which is among the largest companies in the FTSE 100 by market capitalisation, has run a tender exercise for its panel and is now processing the results.
One City banking partner said: "We are currently in a 'close' period in terms of speaking to key people at the bank, and the results are expected in a few weeks."
The bank last reviewed its panel in 2015, when Herbert Smith Freehills was added to the roster alongside Allen & Overy, Clifford Chance, Linklaters, Slaughter and May, Baker McKenzie and Hogan Lovells.
Standard Chartered's legal team is headed up by group general counsel David Fein, who joined the bank in September 2013. He was formerly US Attorney for the District of Connecticut, and also previously served as associate White House counsel under President Clinton.
The bank has been through a major restructuring in recent years, after announcing in 2015 that it was aiming to cut 15,000 jobs by 2018.
That year, Slaughters and Sullivan & Cromwell advised the bank on a $5.1bn (£3.3bn) rights issue aimed at covering the costs of the restructuring, while Fein took on extra responsibility for the bank's corporate secretariat.
In 2015, the in-house legal team was also bolstered by the addition of ICAP group general counsel Duncan Wales as deputy GC, but Wales spent less than a year at the bank before leaving for investment firm Exotix Partners.
Other senior legal departures in recent years include former global head of legal and compliance Jamie Kelly, who left to go on sabbatical in 2015 before resurfacing at Australian bank Westpac last year. Neil Barry now serves as group head of compliance.
Standard Chartered declined to comment.
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