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Deutsche Bank is to launch a review of its UK law firm panel for leveraged finance deals in a bid to slash its annual legal spend. It is understood that Deutsche will use the review to persuade external lawyers to write off legal fees more readily when a deal collapses.
In the UK, Deutsche uses Allen & Overy, Clifford Chance and White & Case. Simpson Thacher & Bartlett also advises it on high-yield transactions. Although the firms have been informed about the proposed review by the leveraged finance team, the exercise has not formally kicked off as it is understood that Deutsche has yet to determine what else it wants to achieve out of the process. It is understood the exercise is unrelated to the global review of Deutsche’s law firms.
As first revealed by The Lawyer (22 September), the investment bank, which currently uses more than 20 firms, launched the review in a bid to create a panel system or a list of preferred advisers.
Commenting on the forthcoming review, a source close to Deutsche said: “What’s happening is at a micro level. The review of the law firms is to ensure the service is up-to-scratch and being handled efficiently.”