BNP Paribas has revamped its roster of external advisers with 10 firms understood to have made the grade.
Allen & Overy (A&O), Cleary Gottlieb Steen & Hamilton, Clifford Chance, Freshfields Bruckhaus Deringer, Gide Loyrette Nouel, Herbert Smith, Hogan Lovells, Linklaters, Norton Rose and White & Case are all understood to have made the cut.
A source close to the bank confirmed that it had reviewed its panel of existing law firms as part of its corporate strategic review, which was launched in June 2011. Other firms understood to have pitched for spots include Ashurst and and US firms Milbank Tweed Hadley & McCloy, Morgan Lewis & Bockius, Sidley Austin and Skadden Arps Slate Meagher & Flom (14 July 2011).
BNP Paribas carries out reviews on a rolling basis. This is the first review that has taken place since Georges Dirani, former head of Herbert Smith’s Paris banking practice, took over as general counsel of the bank in 2010 (26 April 2010).
The appointments come after a busy 2011 for bank panels when key clearing banks such as Barclays, Deutsche Bank, Bank of America Merrill Lynch and Clydesdale Bank reviewed their legal panels.
The Royal Bank of Scotland is due to kickstart its new legal panel review this month. As revealed in The Lawyer this week, Weil is understood to be one of few firms not already on the panel that has been invited to tender for a spot. This would be a huge coup for the firm since Jones Day is currently the only US name on the bank’s legal roster (9 January 2012).