According to London-based newspaper Legal Week, tender documents were distributed last month and firms had until 22 June to submit their pitches.
The review covers all facets of RBS’s legal panel framework including its core transactional roster for clients, a transactional panel for the bank’s own deals and a debt recovery line-up.
Successful firms are expected to be appointed in the autumn for a three-year term beginning this forthcoming January.
Magic circle firm Linklaters has traditionally had strong ties to RBS, but it is reported that the bank has between 60 and 80 firms across various sub-panels.
However, it has been suggested that the part-state-owned bank is putting an emphasis on legal process outsourcing, with law firms seeking positions on the panel required to demonstrate they have sufficient capabilities in place.