L&G rejigs property list after BLP scandal
Insurance giant Legal & General (L&G) has kicked off a full-scale review of its external adviser list, with the first stage focusing on its property panel.
Current advisers on the property roster include Berwin Leighton Paisner (BLP), Clifford Chance, Eversheds and LG.
The review comes after BLP partner Vinay Veneik, a key L&G relationship partner, resigned over allegations that he had omitted to pay stamp duty land tax and register property for unnamed clients (The Lawyer.com, 15 January).
L&G group legal manager Sarah O’Malley refused to confirm whether Veneik’s departure had sparked the review.
She did say that this would be the first time the property panel had been reviewed ahead of the general company-wide panel and that property came
first due to “timing reasons”.
She added: “Legal & General will be conducting over the next few months a review of its groupwide legal panel in accordance with our policy of reviewing our provision of external legal services every three years.”
The review of the property panel is still in the early stages, with L&G currently in the process of inviting a number of firms to tender.
O’Malley did not confirm how ;long ;the ;process would take.
