CMC Markets has asked selected firms on its UK panel to take part in a beauty parade as it looks to draw up an international roster to deal with its overseas expansion.
The company, which operates an online platform for contracts for difference, foreign exchange and financial spread betting, asked its existing panel to pitch for work in the UK, Germany, Australia and Japan.
Berwin Leighton Paisner and Slaughter and May were called back, joined by non-panel firm Allen & Overy. All three will perform short pitches to Dominic Bacon, the company’s group director for legal, this week.
“We identified some firms as being experts,” said Bacon. “We have local lawyers where they’re needed, but we tend to have one of our panel project manage the work.”
Bacon added that he was impressed that some panel firms had declined to pitch.
“We invited all of the firms knowing some would drop out,” he explained. “I was pleased those that didn’t come back acknowledged that they didn’t have the presence in those regions. If they had it could have had an adverse effect on their relationship with us.”