Digest

Barclays Bank’s general counsel Howard Trust has announced that its legal team is to be completely restructured in a bid to cut costs by 15-20 per cent. The 212-strong worldwide in-house legal team will be reduced by 25 per cent, as the bank is seeking to concentrate on more high-quality and value work. The 14 panel firms will benefit from the changes, as they are set to receive additional work as a result. Barclays is hoping to save around £1bn from its total legal spend over the next four years. The new team will be in place before the end of the year.