Australian banking giant ANZ has conducted a wholesale review of its legal panel, expanding its roster of external counsel from nine to 32 firms.
The bank’s last review in 2000 saw it appoint six firms for general advice as well as three specialist firms.
ANZ will also introduce an e-billing and information management system to track its external spend.
The system is expected to save on costs and includes a formalised rating system based on internal feedback.
ANZ group general counsel Tim L’Estrange said: “We have almost 300 regular users of external legal services within ANZ. The new approach moves away from the convention of a small number of larger firms and provides our business users with a greater choice of firms, including specialist and lower cost providers, which will be better suited to their needs.”
The new panel includes all of the big six Australian firms: Allens Arthur Robinson, Blake Dawson Waldron, Clayton Utz, Freehills, Malleson Stephen Jacques and Minter Ellison.
Other firms on the ANZ panel include: Arnold Bloch Leibler, Bell Gully, Butler McIntyre & Butler, Corrs Chambers Westgarth, Cosoff Cudmore Knox, Deacons, Dibbs Abbott Stillman, Gadens, Hall & Wilcox, Henry Davis York, Home Wilkinson Lowry, Justitia, Kemp Strang, Lander & Rogers, MacDonnells, Maddocks, Marshalls, Middletons, Nicol Robinson, Halletts, Pacific Legal Network, Piper Alderman, Sparke Helmore, Ward Keller and Wheatleys Legal.