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Deutsche Bank is looking at introducing a system of rebates in a bid to slash its external legal spend
The Lawyer understands that Deutsche is considering various fee structures as part of a global review of its external legal advisers, with the rebate system currently emerging as the most popular.
The bank also considered the introduction of a single global fee rate, but dismissed it for being too convoluted.
As first reported in The Lawyer (20 September 2004), the leading German investment bank kicked off a global review of its firms which is expected to result in the launch of a legal panel or a tightly policed and approved list of preferred advisers.
If a rebate system is introduced, Deutsche will aim to give firms that secure places on the panel or the approved list instructions with a pre-agreed value. If the amount billed by each firm reaches the limits set in advance, the firm will be required to give Deutsche a rebate.
It is understood that, historically, Barclays Bank had a system of rebates. However, Barclays abandoned the system when it concluded its last panel review in the summer of 2003 as it proved too difficult to police.