HSBC finalises UK panel with CMS and Dentons among firms making the cut
Bank finishes UK panel following a review that kicked off earlier this year
July 28, 2017 at 09:31 AM
3 minute read
HSBC has finalised its UK legal panel, with CMS Cameron McKenna, Eversheds Sutherland and Dentons among a number of firms appointed following a review held earlier this year.
The trio sit alongside Pinsent Masons, Simmons & Simmons and Addleshaw Goddard as part of a roughly 10-strong line-up of firms on the roster.
In addition to the firms appointed for UK work, Legal Week understands that all firms on the bank's global panel are also automatically admitted to tender for work through the UK line-up.
The global panel was reviewed last year, when US firm Davis Polk & Wardwell won a place alongside existing panel members including Allen & Overy (A&O), Clifford Chance, Freshfields Bruckhaus Deringer, Linklaters and Norton Rose Fulbright.
One partner involved in the UK panel process said: "We do a lot of work for HSBC, so it's great for us. They have slimmed their UK panel right down to about 10 firms and we are one of those."
HSBC's UK legal team is led by UK general counsel Hugh Pugsley, who joined from Lloyds Bank in 2015.
Many of the firms appointed have long histories of working with HSBC. Legacy Eversheds advised the bank in 2013 on a facilities outsourcing agreement with real estate services giant Jones Lang LaSalle, and in 2015 took a lead role on the deal that saw HSBC move its UK headquarters from London to Birmingham. Pinsent Masons meanwhile advised the bank in 2015 on the financing of Canada Pension Plan Investment Board's £1.1bn acquisition of student accommodation company Liberty Living.
Earlier this year, HSBC deputy general counsel Richard Given left the bank after six years to join fintech startup 10x Banking, which was founded by former Barclays chief executive Antony Jenkins.
Other bank panels recently reviewed include Standard Chartered's global panel, which saw Dentons win a first time spot on the roster alongside the magic circle and a number of other firms.
Société Générale meanwhile has recently kicked off a review of its global panel of external legal advisers, with the results due to be announced in September.
All firms declined to comment. HSBC declined to comment.
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