WorldPay seeks panel firms after RBS selloff
Card payment processor WorldPay is putting together its first external law firm panel following its divestment from RBS.
WorldPay expects to engage external counsel on major acquisitions and litigation, as well as on projects creating new IT platforms, as the company grows under its new private equity owners.
“We’re asking firms for more than the standard offering,” said general counsel and company secretary Elizabeth Shurdom. “But that doesn’t mean we want free lawyers, just proper engagement. I’m asking shortlisted firms to commit the relationship manager to coming to a business introduction course at the company so they can really learn about what we do.”
It has not been decided how many firms will be selected. Shurdom has shortlisted four for the general panel, four for the litigation panel, and three for the general IT panel.
Conflicts with RBS may be an issue, as the bank retains a minority stake in WorldPay. The panel should be completed by mid-May.
RBS sold WorldPay in November 2010 after the bank’s bailout by the taxpayer. Advent International and Bain Capital bought an 80 per cent stake for £2bn.
