It’s just over a year since The Lawyer published its feature on Barclays’ 2011 legal panel review, which saw the bank create a formal panel made up of more than 100 US and UK firms across a general advisory roster and 15 specialist sub-panels.
This week The Lawyer revealed that Barclays has opted to delay the panel review planned for this summer by a further 12 months as it moves away from biennial reviews.
We all know that panel reviews are a time-consuming and costly process. Barclays deputy general counsel Michael Shaw said as much when asked about the review, stating: “We have a dedicated procurement team, but they were really stretched at the time so nearly all of the work was done by the legal team involved in the review.”
While the bank’s 2011 shake-up signalled a marked departure from the vogue for procurement-led processes, the decision to postpone the biennial review follows a trend set by other banks to revamp their rosters every three years.
Whatever the reason for the delay, there’s no doubt that all the firms on the general advisory panel – Addleshaw Goddard, Allen & Overy, Clifford Chance, DLA Piper, Freshfields Bruckhaus Deringer, Hogan Lovells, Linklaters and Simmons & Simmons, and US roster members Cleary Gottlieb Steen & Hamilton, Shearman & Sterling and Sullivan & Cromwell – will welcome the decision to have a break from some admin work for a little while longer.