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UK, Dutch and German firms in huge boost; mystery surrounds absence of A&O
Credit Suisse First Boston (CSFB) has finalised the legal panel for its global investment banking work with a huge endorsement for the Herbert Smith alliance. Herbert Smith and the firms it works in exclusive alliance with - German firm Gleiss Lutz Hootz Hirsch and Dutch and Belgian firm Stibbe - have all been awarded independent places on the panel. The investment banking panel provides firms with work in areas such as debt, securitisation and M&A. Gleiss and Stibbe have worked with CSFB in the past but are new to this panel. CSFB's other main areas of business are securities and private equity. Gleiss and Stibbe won their panel places partly on recommendations from Herbert Smith, which enjoys a longstanding relationship with CSFB. It also does capital markets, employment and property work for the bank. Herbert Smith formalised its alliance with Stibbe in November 2001 after naming it as a preferred referral partner that August and with Gleiss the previous year. CSFB is understood to have told each successful firm of its place on the panel, but they remain in the dark about who else is on the list. Through independent res-earch, The Lawyer has established that firms which gained a place are: Clifford Chance Rogers & Wells, Freshfields Bruckhaus Deringer, Linklaters, Herbert Smith, White & Case, Latham & Watkins, Gleiss, Stibbe and Irish firm A&L Goodbody. Despite the fact it has an institutional relationship with CSFB, Allen & Overy (A&O) has not announced a place on the panel. A&O is known for its capital markets work for the bank, but mystery surrounds the firm's absence on the investment banking panel. Clifford Chance, for example, works for CSFB in both investment banking and securities. A source from within the firm claimed that A&O did not bid for the investment banking work. CSFB began the review of its global investment banking advisers around 18 months ago. The review involved the bank negotiating discounts in fees from firms that wanted to be considered for the panel. Most firms agreed to this condition straight away. At this point, it was understood that one top City firm would not be included on the panel (The Lawyer, January 21).