Gulf International Bank (UK) (GIB UK), the UK subsidiary of Bahrain-based Gulf International, is poised to launch a full-scale review of its legal panel.
GIB UK’s head of legal and compliance Dominic Bacon confirmed that a review will be launched as early as this summer, but added that the structure of the process is yet to be determined.
“I think it’s appropriate to keep the panel under review,” he said. “It ensures that not only do we continue to get the best service, but we also continue to get competitive pricing.”
Earlier this month, GIB UK added Richards Butler to the panel to advise on litigation work after the firm hired BLG litigation partner Richard Spafford. BLG has held onto its place on GIB UK’s legal roster, but the firm’s role will be limited to advising the bank on IT and employment work.
Burges Salmon was added to GIB UK’s legal panel at the end of 2004 to handle general banking and capital markets work.
Ashurst and BLP advise GIB UK on collateralised debt obligations and funds work respectively. Meanwhile, Slaughter and May handles corporate and regulatory work and Norton Rose advises on banking work and issues relating to the Middle East.
GIB UK’s annual legal spend is approximately £1.2m.