The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Commerzbank is conducting a review of its preferred legal advisers just a year after setting up the panel.
The move coincides with the German bank instructing Lovells for the first time when the firm advised on its role as arranger and underwriter on Vaillant's bid for UK engineering group Hepworth (see page 13).
Susan Cooksley, head of legal for corporate finance at Commerzbank, says: "Usually the end of year tends to be really frantic, so we decided to look at the firms in January." However, she declines to comment on whether Commerzbank would consider adding Lovells to its panel after its work for the bank.
The panel was set up a year ago in an attempt to bring some unity to the legal advisory process. Cooksley says: "Before that there was no procedure for the way that law firms were instructed and it was the bankers that were deciding which law firms to use.''
When asked why the bank chose to go outside its panel for the Vaillant deal rather than use Camerons or Theodore Goddard, Cooksley says: "It's because [Lovells'] German office had a higher profile on this type of work than either of the other two firms that we use."
But a Camerons spokeswoman says the firm provides advice on a range of other issues.