As 2013 comes to an end, news arrives of yet another panel review. Investment bank Nomura reappointed Allen & Overy, Ashurst, Linklaters, Mayer Brown and Travers Smith and also cheekily added Osborne Clarke, which had been dropped in 2010. The review follows last year’s restructure of its legal team.
But not all companies cut their panels. Shell increased the size of its panel this year from just five to more than 150 firms, while BT appointed over 140 firms to its new global ‘network’ of advisers.
Insurance giant Aviva’s latest review revealed the extent to which firms are willing to slash fees when a sought-after panel position is at stake, with one firm shaving 40 per cent off its fees.
Despite the various approaches, the trends remain largely unchanged – clients want low-cost, integrated corporate legal advice and the competition to offer the best combination of those two fundamental needs has never been greater.
Also on TheLawyer.com:
- King & Wood Mallesons SJ Berwin (KWMSJB) has entered an exclusive association with the Law Office of Majed Almarshad in Riyadh
- Nabarro has been hit with a £130m professional negligence claim
- CMS Cameron McKenna and Dundas & Wilson partners have agreed to a £277m-tie-up that will go live in May 2014
- Clifford Chance client Excalibur slammed in High Court ruling