Lloyds Banking Group is collecting internal feedback on its panel firms as it prepares to kick off a review of its delayed customer-pay panel, The Lawyer understands.
Sources have said that panel firms are expecting to receive submission bundles from the lender’s in-house team next week, after the review was put on hold this time last year (25 February 2013).
Firms on the roster give advice relating to Lloyds’ lending work for which the bank’s customers pay the fees. It is understood to include a number of leading City and US firms.
It is not yet clear if the process will have a knock-on effect on the firm’s own-account panel, which was significantly cut during a 2012 overhaul (2 November 2012). The roster, consisting of roughly eight sub-panels, covers the bank’s own-account work.
The large banks’ panel reviews usually take at least three or four months to complete from the point at which procurement teams send out documents, meaning firms might not find out if they have a place until well into the summer.
It is understood that senior legal staff at Lloyds Banking Group have been collecting internal feedback on the bank’s current panel firms this week, ahead of the review’s launch.
The decision ends a year of confusion for the bank’s panel firms after partners were last year left in a situation of confusion over the revamp, which they had originally thought was set to go ahead in January 2013 (25 February 2013).
A spokesperson for Lloyds Banking Group declined to comment.