Lloyds Bank branch. Credit: moneybright.co.ukLloyds Advisers Gear Up for Fight As Process to Cut Panel Begins
The review process is underway.
June 18, 2019 at 04:21 AM
2 minute read
Lloyds Bank has kickstarted a review of its legal advisers that is expected to lead to a cut in the size of its global panel.
All eight firms on the bank's line up have been sent request for proposal documents by the bank in recent weeks, according to one person with knowledge of the situation.
But the firms are set to fight it out for fewer places this year, as the bank has reiterated its plans to slash the number of advisers.
One partner with knowledge of the situation told Legal Week: "The bank has told us again they're going to cut the number of firms it uses. And they're also looking to hammer us on price, as usual."
The eight firms currently on the panel are CMS, Eversheds Sutherland, Herbert Smith Freehills, Hogan Lovells, Linklaters, Allen & Overy, Ashurst and Addleshaw Goddard.
The bank had initially aimed to kickstart the review process at the start of the year, one partner close to the situation said at the time.
The process is set to be overseen by general counsel Kate Cheetham.
Lloyds' last UK panel review took place in 2016, when the eight firms now on the panel all retained their places, with DLA Piper and Norton Rose Fulbright losing out.
In 2018, panel firm HSF advised the bank on its £11m investment in UK banking software company Thought Machine.
A Lloyds Banking Group spokesperson said in a statement: "Our panel is due for renewal this year and the outcome of the review will determined by a rigorous and competitive tender process."
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