New phone? Clothes vouchers? CDs? Not for Barclays. Instead the bank is looking for a shiny new legal panel this Christmas.
Just a year after it announced it would be delaying its panel review until the middle of 2013 the bank has overhauled the structure and kicked off the process. Barclays really got the ball rolling in 2011 when it set up its first formal legal panel. The 50 firms already used by the bank found themselves rubbing shoulders with another 50 on one of the biggest panels in the world.
By all accounts that was a demanding process. But things looked set to change again when CEO Antony Jenkins kicked off the Transform programme in late 2012 to cut costs. Then there was the race to replace retiring general counsel Mark Harding in August 2013.
No rest for the wicked at Barclays then. The latest revamp will see the current rosters replaced with a two-pronged structure featuring preferred and approved legal advisers. The jury’s out on who will make the grade but Clifford Chance, DLA Piper, Addleshaw Goddard and others might be wishing a legal panel was for life, not just for Christmas.
PS. Lawyer 2B’s networking evening for non-law students is on 16 January. In association with The University of Law, the event is an invaluable opportunity to get on the right path to becoming a solicitor or barrister.
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