Barclays streamlines panel of legal advisors
Banking group Barclays has streamlined its panel of legal advisors, cutting 30% of the list of firms and organising the remainder into a two-tiered system of ‘preferred’ and ‘approved firms. comments powered by Disqus
The ‘preferred’ panel includes: Eversheds; TLT; Matthew Arnold & Baldwin; Addleshaw Goddard; Allen & Overy; Clifford Chance; DLA Piper; Freshfields Bruckhaus Deringer; Hogan Lovells; Linklaters; Simmons & Simmons; Cleary Gottlieb Steen & Hamilton; Shearman & Sterling [Sullivan & Cromwell, Boies, Schiller & Flexner; Cadwalader, Wickersham & Taft; Davis Polk & Wardwell; Latham; and Skadden Arps.
Bob Hoyt, Barclays general counsel, said: 'I am pleased to announce the conclusion of our review of legal suppliers – a process that ensures we have the right choice of panel firms to meet our diverse needs, deliver excellent value and high standards.
'Our simplified legal panel, made up of preferred and approved firms, will provide the broad range of expertise and in-depth knowledge of Barclays required to support our business lines globally.
'I am grateful to all those involved for their contribution to achieving this outcome. Through driving greater value and capabilities, the legal function is supporting Barclays' ambition of becoming the "go-to" bank.'
It has been reported that the bank wishes to change how it pays for legal services with the introduction of corporate value accounts, under which firms would be allocated an annual sum for all legal services provided in the period.