Virgin Group is in the throes of a full-scale review of its external legal advisers.
The group has invited all of its existing panel firms to participate in the review. Virgin has also invited one City firm and three smaller firms with which it currently does not have relationships to pitch for panel places.
As first reported on www.thelawyer.com today (5 December) A&O and Herbert Smith are advising Virgin Mobile and Virgin Group respectively on a potential takeover by NTL.
The review is being led by former Slaughter and May litigator Josh Bayliss, who joined Virgin as group general counsel at the end of February. Virgin, which has an annual legal spend of around £10m is hoping to complete the review by the end of the year.