Email your news and story ideas to: [email protected]
Firms feel the squeeze as Lloyds announces new panel
Lloyds Banking Group has revealed a slimmed down legal panel, with reports suggesting the bank has cut back its external legal advisor roster by 10 per cent.
London: Lloyds HQ
Sign up for our free daily newsletter
YOUR PRIVACY - PLEASE READ CAREFULLY DATA PROTECTION STATEMENT
Below we explain how we will communicate with you. We set out how we use your data in our Privacy Policy.
Global City Media, and its associated brands will use the lawful basis of legitimate interests to use
the
contact details you have supplied to contact you regarding our publications, events, training,
reader
research, and other relevant information. We will always give you the option to opt out of our
marketing.
By clicking submit, you confirm that you understand and accept the Terms & Conditions and Privacy Policy
Linklaters, Berwin Leighton Paisner (BLP) , Ashurst, Eversheds and CMS Cameron McKenna were all re-appointed to the panel, which also featured newcomers Stephenson Harwood and Osborne Clarke, reports Legal Week.
The bank's previous panel included: Allen & Overy, Linklaters, Clifford Chance, Freshfields Bruckhaus Deringer, Hogan Lovells, SNR Denton, Norton Rose, Herbert Smith, Ashurst, Mayer Brown, Eversheds, CMS Cameron McKenna and Addleshaw Goddard.
Reducing rates
One partner at a successful panel firm told the magazine: ‘There has been a lot of pressure on reducing rates this time around.
‘In-house legal teams need to show they are keeping a close reign on expenditure because they are a cost to their business. It seems they have opted to do this by reducing the number of firms and applying tighter terms to the panel, however this should mean successful firms get more work to make it worth their while.’
