RBS had asked law firms to freeze their rates in exchange for five years on the panel; those who pitched at higher rates would receive spots for the three years the new panel runs from 1 January 2016. However, given their own increasing expenditure on real estate and rising salaries in the City, most law firms pitched higher rates than their previous panel.

Successful firms

RBS sent letters out to the successful panel firms before Christmas, with A&O, CC and Linklaters retaining their spots on the firm's top tier panel. Other firms to secure places on the refreshed panel were Ashurst, Scottish firm Brodies, Dentons, DLA Piper, Herbert Smith Freehills, King & Wood Mallesons, Macfarlanes, Norton Rose Fulbright, Pinsent Masons, Simmons & Simmons and Bristol-headquartered TLT. Reed Smith was one of a handful of US firms to secure a panel position.

Magic Circle still prominent  

A City partner close to the process said: ‘In the time I've been working with them a lot of our rivals for certain types of work have disappeared from the panel. It's been getting narrower. One of the mantras they've been rolling out over many years is the desire to reduce the usage of Magic Circle firms so it's maybe a bit surprising that there're still a lot of them on the list.’ Source: Legal Business