They’ve been waiting with bated breath but Lloyds Banking Group’s panel firms can finally breathe a sigh of relief – or not.
After a year of suspense to rival the best Hitchcock, the bank has finalised its first formal roster for its customer-pay panel.
First firms thought they would know by last January, then March. Then summer arrived and firms were still no closer to hearing whether they would win a coveted spot.
Just when the tension was getting unbearable, advisers heard the review would be kicking off early this year, with the bank collecting internal feedback on current firms.
Now Lloyds has made its decision, handing roles to Osborne Clarke, CMS Cameron McKenna and Hogan Lovells among others. CMS and Osborne Clarke are also on the prestigious own-account panel for the bank.
The third-party panel was split from the own-account roster in 2012, separating transactional work for which the customers pay the legal fees from group M&A legal roles.
For the lucky clutch of Lloyds firms the weekend is shaping up to be a Bank Holiday to celebrate.
Also on The Lawyer:
- Former BLP head of finance Matthew Kellett is leaving the firm to join accountancy and consulting giant EY as it ramps up its investment in the legal sector
- Gordon Dadds buys Davenport Lyons out of administration
- TLT’s re-elected managing partner Pester targets £80m by 2017
- Skadden and Freshfields are advising on Pfizer’s bid for Astra Zeneca