Lloyds Refreshes Bank Panel, Drops CMS From Main Roster
Seven firms have been re-appointed to the bank's main panel after the 'rigorous and competitive' review.
September 25, 2019 at 05:57 AM
2 minute read
Lloyds banks branch. Credit: moneybright.co.uk
CMS has been dropped from Lloyds Bank's main legal panel, following a review by the banking giant.
The U.K. bank has reappointed all seven of its other previous legal advisers to the main panel, which comprises Magic Circle firms Allen & Overy and Linklaters, alongside Addleshaw Goddard, Ashurst, Eversheds Sutherland, Herbert Smith Freehills and Hogan Lovells.
Norton Rose Fulbright and DLA Piper have been appointed to a secondary panel that advises on specific legal matters and includes several firms, according to one person with knowledge of the situation.
Lloyds' last U.K. panel review took place in 2016, which saw the previous eight firms retain spots on the roster, with DLA Piper and Norton Rose Fulbright losing out at the time. These appointments are expected to run for a similar length of time.
In December last year, the bank told its U.K. legal advisers that it intended to start the review this January, and that it was likely to reduce its line-up of eight firms.
A spokesperson for Lloyds said in a statement: "Following a rigorous and competitive tender process, we have finalised the structure and composition of the Lloyds Banking Group own account panel.
"The structure has been simplified and now consists of a group of core firms and a group of general firms. The panel has a strong commitment to our mission statement, setting out expectations around quality, value and cultural alignment."
CMS was unable to provide a statement at the time of publication.
With reporting by Meganne Tillay and Krishnan Nair.
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