The six firms reappointed to Standard Chartered Bank’s international panel last week are unlikely to keep their places for the full two-year period, with the bank set to launch an unprecedented global overhaul of all its legal rosters.
Head of legal operations Jeremy Allen, who is leading the review, said the global overhaul would be the first of its kind in the bank’s five-year history of conducting formal panel assessments.
The move comes shortly after the bank reappointed Allen & Overy, Baker & McKenzie, Clifford Chance, Hogan Lovells, Linklaters and Slaughter and May to its international panel (The Lawyer.com, 31 March).
Allen said: “The move acted as a prelude to a wider strategic review of our global arrangements that will take place during the second half of this year.”
The global review will revisit the international panel as well as Standard Chartered’s four other substantive panels, which cover the UK, the Americas, Hong Kong and Singapore.
Although the global review is a first for the bank, Allen said he considered it “completely normal” after five years of individual panel reviews.
He added: “The firms on any of our formal panels will have to show a willingness to invest in their relationships with us and provide a consistent quality of service and level of value.”