The Lawyer Global Litigation Top 50 report is the only ranking of international law firms by litigation and arbitration revenue and is essential reading for anyone seeking to benchmark their litigation and dispute resolution practices...
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The bank, which has an annual legal spend of approximately £50m, has sent requests for proposals to between 20 and 25 firms, including all the firms currently on its global legal panel. All the firms have now responded. SocGen will now draw up a shortlist of advisers and expects to launch negotiations on fee rates with the shortlisted firms next month.
A SocGen source told The Lawyer that it was too early to comment on the outcome of the review, but added that the bank will use the exercise to seek further discounts on hourly charge-out rates and rebates on year-end billings.
In addition to the global panel, SocGen has a list of preferred firms to handle local work, with Watson Farley & Williams being retained to advise on UK matters.
These lists are reviewed on a case-by-case basis and are not affected by the global review.