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Confusion reigns over the extent of SNR Denton’s relationship with Barclays after the firm confirmed it had been dropped from doing lease management work for the bank, but Barclays claimed otherwise.
The management of Barclays’ mammoth legal panel is perceived to be among the best in the City.
Following a review in 2011 more than 100 firms in the UK and US were appointed to the global panel, which now also comprises 15 sub-panels. And partners who tendered for a coveted panel place were impressed with Barclays’ constructive approach.
But having so many panel firms must lead to mix-ups - at least, that’s the only explanation that springs to mind for the confusion surrounding its commercial real estate (CRES) panel.
You see, The Lawyer heard that SNR Denton - also appointed to Barclays’ corporate recovery, investment banking and markets, and lending and finance panels - had slipped off its CRES panel. A spokeswoman at the firm, however, said that this was not quite true: SNR Denton was still on the CRES panel but would no longer do lease management work.
“Following a realignment of Barclays’ own lease management work, Barclays are looking to concentrate their resources on two rather than three panel law firms for those matters,” she said.
This was news to Barclays’ legal team, which denied that changes had been made, commenting that “the structure of the CRES panel has not changed.”