Lovells and Simmons & Simmons have both failed to secure places on HSBC Holdings’ coveted global legal panel following the conclusion of the global banking giant’s review of external advisers.
The review, which was kickstarted in August, has resulted in HSBC replacing its eight-strong London panel with a global panel comprising Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer, Linklaters and Norton Rose. Lovells and Simmons both pitched but failed to win a mandate.
Eversheds and Stephenson Harwood, which were both on the London panel, are understood not to have pitched for the global panel. Both have secured places on HSBC’s expanded UK national panel where they join Addleshaw Goddard, CMS Cameron McKenna, Denton Wilde Sapte, DLA, Irwin Mitchell, Morgan Cole, Pinsent Masons, Slaughter and May, and Wragge & Co.
Firms on the UK national panel will be eligible to handle all types of HSBC work originating from any of the bank’s UK offices. While, those firms on the global panel will be instructed to advise on all types of work for HSBC in any jurisdiction.
Lovells and Simmons were unavailable for comment.