Freshfields and Links win coveted places on BP's UK panel
Magic circle rivals Freshfields Bruckhaus Deringer and Linklaters have maintained top spots on BP’s new UK legal panel, which was announced today after a six-month review.
Rupert Bondy
The firms are joined by CMS Cameron McKenna, Field Fisher Waterhouse, Herbert Smith, McGrigors, Norton Rose, and Olswang.
Other specialist firms have been selected for niche roles. The engagements will start in June.
BP group general counsel Rupert Bondy said in a statement: “We’ve selected the very best from a broad base of world-class legal firms to support BP’s UK-instructed work.”
Industry sources have described cut-throat bidding by firms during the review, with several offering very low rates and generous allocations of free partner hours.
“It’s been seen as one of the few really big mandates at the moment, so firms have been desperate to make the panel,” an insider at one of the firms said.
Firms that bid for places but were unsuccessful include Allen & Overy, Baker & McKenzie, Clifford Chance and Eversheds, although it is believed that some firms will continue working for BP in other jurisdictions.
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Readers' comments (3)
Legal Aware (BPP Legal Awareness Society) | 26-May-2011 1:28 pm
This is a very inspiring article. Freshfields and Linklaters are held in high esteem by members of our student society of MBA students with an interest in commercial law. The BP Rosneft joint venture saga was of particular interest to our group.
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Anonymous | 26-May-2011 1:32 pm
The race to the bottom continues apace.
We were undercut by 25% on our lowest possible pricing on a PS tender 1 year ago by a firm who adopted the "win at all costs" approach to this and other work.
The firm whose bid won has now been forced to merge with another thus demonstrating the futility of this approach in the short-term if you don't have the liquidity to run loss-leading projects just to maintain your client base.
In the long-term, even if you have the reserves or balance of work to undertake loss-leading work in a difficult market and "wait out" the dip in work, why do you think the clients will pay more later? The benchmark has been set and your services devalued.
They're a truly Blue-Chip client, I just hope the sums add up!
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Oliver | 27-May-2011 11:38 am
Does the BPP Legal Awareness Society really exist?
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