Linklaters has been dropped from three Barclays panels a year after siding with the bank in litigation that destroyed its relationship with JPMorgan.
Last week’s panel announcement came 12 months after JPMorgan ditched the firm for helping Barclays sue Bear Stearns after Bear Stearns was taken over by JPMorgan.
The Barclays panel review saw Linklaters lose its place on three of the seven panels it had featured on. Linklaters was not selected on the commercial, corporate recovery or lending and finance panels.
After backing Barclays in the Bear Stearns case, the firm retained its spot on the litigation panel, as well as on the general advisory, securitisation and structuring panels.
Barclays head of legal operations Cate Campany said the bank had sought to replace firms that were not active members of the various panels, adding: “We looked at the firms that haven’t really received instructions over the last 12-18 months.”
Barclays eventually settled the Bear Stearns case in February this year, but Linklaters had already lost its place on the JPMorgan global panel.
Linklaters managing partner Simon Davies said: “We’re very pleased with the panel appointments we’ve been awarded. They were the areas that we were particularly keen to focus on.”
Barclays has also extended a fixed fee structure from its litigation, employment/HR, property and wealth products panels to the corporate recovery roster.