Linklaters, CC and HSF among firms winning spots on Lloyds 'pass-through' panel
Bank finalises panel with firms including Ashurst and Hogan Lovells also appointed
January 09, 2018 at 06:44 AM
2 minute read
Lloyds Banking Group has finalised its customer pay panel line-up, with firms including Linklaters, Clifford Chance and CMS making the cut.
The roster, which also includes Eversheds Sutherland, Herbert Smith Freehills (HSF), Osborne Clarke, Ashurst, Hogan Lovells and Reed Smith, is used by Lloyds when its corporate and business clients require specialist legal advice.
The panel is known within the bank as its 'pass-through' panel. It covers legal advice to the bank's clients on transactions, with fees passed directly onto the client, rather than paid by the bank itself.
The bank kicked off the review process in September last year and the panel was finalised in December.
A Lloyds spokesperson said: "Following a rigorous and competitive tender process, we finalised the membership of the group's commercial banking pass-through panel in December 2017.
"The panel will include a range of firms that are able to offer specialist services which are fully aligned to our needs in the context of commercial banking client transactions and supporting the group's pledge in 'Helping Britain Prosper'."
Lloyds' main legal panel was reviewed in 2016, with eight firms appointed. Group general counsel Kate Cheetham led that process, which saw CMS, Eversheds, HSF, Hogan Lovells, Linklaters, Allen & Overy, Ashurst and Addleshaw Goddard retain their places. DLA Piper and Norton Rose Fulbright both came off the roster.
All firms declined to comment.
Lloyds made a number of changes to its in-house legal team last year, with 22 roles cut in May on the back of earlier layoffs in 2016. Corporate real estate legal head Lesley Wan departed in May, while former Linklaters managing partner Simon Davies left in the summer after two years as chief people, legal and strategy officer.
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