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Lloyds Banking Group has completed its first panel review since Lloyds TSB acquired HBOS in 2008.
The Lawyer understands that not all firms who went through the tender process have yet been told whether their bids have been successful, though magic circle firms Allen & Overy (A&O), Clifford Chance and Linklaters are believed to have clinched a place on the panel. Others are believed to include Herbert Smith and SNR Denton.
The bank, which is 41 per cent owned by the British taxpayer, is refusing to disclose the names of those firms that have made it onto the panel. A spokesperson for the bank said: “Following a strategic review, we’ve re-structured our legal services and can confirm that our group panels have now been finalised.
“Like any other company, we undertake regular reviews of our supplier relationships to ensure we’re getting the best service. We’ll continue to work with external suppliers when there’s a benefit to the group or our customers.”
Meanwhile, Barclays will kick off its panel review early next year and several firms not currently on its list of preferred advisers have already been invited to tender. The bank’s last review was completed in July 2009 and saw Linklaters dropped from three of seven sub-panels, though it maintained its place on the firm’s general advisory panel (2 July 2009).
Barclays Capital is also reviewing its roster of legal advisers in the US. Firms believed to be vying for a place on the panel include Simpson Thacher & Bartlett, Skadden Arps Slate Meagher & Flom and Weil Gotshal & Manges.