Firms line up as Barclays initiates panel review

Barclays has launched a major panel review, inviting firms to bid for the 120 places on its legal roster.

The key seats on the general advisory panel are currently held by Allen & Overy, Clifford Chance, DLA Piper, Freshfields Bruckhaus Deringer, Linklaters, Lovells and Simmons & Simmons.

Around 50 other firms benefit from places on the bank’s various sub-panels, which cover commercial work, corporate recovery, HR and private equity Barclays puts its panel places out to tender every two years. General counsel Mark Harding last reviewed its advisers in 2007, when he merged a number of the sub-panels to prevent overlap.

New arrivals to the 2007 panel included Addleshaw Goddard, Denton Wilde Sapte, Eversheds, Halliwells, Hammonds and SJ Berwin.

It is expected that the review will take around three months to complete.

Clifford Chance has emerged as Barclays’ main legal adviser throughout the economic crisis, with corporate partner Guy Norman acting on its £7bn investment from the Middle East.

arclays has been the only major bank to avoid being bailed out by the Government, instead raising £7bn by selling a 30 per cent stake to Middle East investors.