Linklaters loses its grip on Barclays as bank announces revamped panel
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Linklaters has lost almost half its panel places on Barclays’ revamped roster of legal advisers while Addleshaw Goddard has increased its presence on the panel, winning four additional places.
Following a three-month review, the bank has finalised the 129 places on its 11 sub panels, with Linklaters being retained for four of the categories. Following Barclays’ last major review, which was carried out in 2007, Linklaters was retained on seven separate panels.
Addleshaw Goddard won spots on the general advisory, litigation, corporate recovery and property management panels, in addition to holding onto positions on the human resources, private equity and lending and finance categories.
Barclays group general counsel Mark Harding said: “In the current environment, it’s increasingly important to ensure we have the right choice of panel firms to meet our diverse needs, providing good governance and risk management.”
The general advisory panel was unchanged aside from the addition of Addleshaws.
On the commercial panel, Berwin Leighton Paisner (BLP), Bristows and Lovells won places this year, while Freshfields Bruckhaus Deringer, Linklaters and Addleshaws all lost out.
The corporate recovery panel saw places for Addleshaw Goddard, BLP and Osborne Clark, but not for Bond Pearce and Linklaters.
Birketts, Blake Lapthon and CMS Cameron McKenna were appointed on the lending and finance panel, replacing Boyes Turner, Linklaters, Shearman & Sterling and Taylor Walton.
Clifford Chance, which has advised Barclays on major issues throughout the economic crisis, won a place on nine of the bank’s 11 panels. It was included in the litigation panel, along with newcomers Addleshaw Goddard and Hammonds.
Barclays head of legal operations Cate Campany said the group had undertaken close analysis of its legal costs as part of the review, adding: “Given the current market conditions, greater transparency is important to us, particularly understanding the value to the firms of the services they provide.”
The new panel will run from July 2009 until June 2011.
The advisors in full are:
General Advisory panel
Addleshaw Goddard (n=new)
Allen & Overy
Clifford Chance
DLA Piper
Freshfields Bruckhaus Deringer
Linklaters
Lovells
Simmons & Simmons
Commercial panel
Allen & Overy
Berwin Leighton Paisner
Bristows
Clifford Chance
DLA Piper
Latham & Watkins
Lovells (n)
Millbank Tweed Hadley & McCloy
Pinsent Masons
Simmons & Simmons
Corporate recovery panel
Addleshaw Goddard (n)
Allen & Overy
Berwin Leighton Paisner (n)
Clifford Chance
Denton Wilde Sapte
Dickinson Dees
DLA Piper
Eversheds
Freshfields Bruckhaus Deringer
Hammonds
Lawrence Graham
Lovells
Matthew Arnold Baldwin
Osborne Clarke (n)
Pinsent Masons
Salans
Simmons & Simmons
TLT Solicitors
Employment/human resources panel
Addleshaw Goddard
Allen & Overy
Clifford Chance
Eversheds
Freshfields Bruckhaus Deringer
Lovells
MacFarlanes
Magrath & Co
Sullivan & Cromwell (n)
Barclays Private Equity panel
Infrastructure work
Addleshaw Goddard
Ashurst
Clifford Chance
DLA Piper
Freshfields Bruckhaus Deringer
SJ Berwin
MBO work
Addleshaw Goddard
Clifford Chance
DLA Piper
Eversheds
Osborne Clarke
Pinsent Masons
Travers Smith
Securitisation panel
Allen & Overy
Clifford Chance
Freshfields Bruckhaus Deringer
Linklaters
Lovells
Sidley Austin
Weil Gotshal & Manges
Lending and finance panel
Addleshaw Goddard
Allen & Overy
Ashurst
Berwin Leighton Paisner
Birketts (n)
Blake Lapthorn (n)
Bond Pearce
Clifford Chance
CMS Cameron McKenna (n)
Cobbetts
Davenport Lyons
Denton Wilde Sapte
Litigation
Addleshaw Goddard (n)
Allen & Overy
Clifford Chance
DLA Piper
Freshfields Bruckhaus Deringer
Hammonds (n)
Hill Dickinson
Linklaters
Lovells
Matthew Arnold Baldwin
Simmons & Simmons
TLT Solicitors
Property management services
Addleshaw Goddard (n)
Denton Wilde Sapte
DLP Piper (n)
Nabarro (n)
Structuring panel
Allen & Overy
Clifford Chance
Freshfields Bruckhaus Deringer
Linklaters
Slaughter & May
Wealth products
Addleshaw Goddard
Berwin Leighton Paisner (n)
Burges Salmon
Charles Russell
Cobbetts (n)
Denton Wilde Sapte (n)
Field Seymour Parkes Solicitors
Irwin Mitchell
Lawrence Graham (n)
MacFarlanes
Maurice Turnor Gardner (n)
Norton Rose (n)
Optima Legal Services Limited
Readers' comments (2)
Anonymous | 2-Jul-2009 4:08 pm
Gee, I feel so sorry for Mssrs Davies and Cheyne at Linklaters. I wonder if this has anything to do with their premium billing strategy? Barclays, Rio Tinto...hmmm....
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Anonymous | 3-Jul-2009 8:28 am
I agree, especially after they backed Barclays over JPMorgan (Bear Sterns) and lost JPM's business? Tearfully yours.....
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