City firms advising Credit Suisse will now be answering to a 29-year-old legal whizkid after the bank appointed its first in-house general counsel this month.
Marcel Scheiner will have wide-ranging responsibilities in advising the bank as well as being the main point of contact for City firms on the external solicitors' panel.
He will monitor the quality and value for money of the panel's advice.
The move follows Credit Suisse's creation of a seven-firm panel last year with Allen & Overy, Denton Hall, Herbert Smith, Stephenson Harwood, Watson Farley & Williams, Lawrence Graham and Rayner De Wolfe.
Scheiner leads a small team of secondee lawyers and bankers in a new general counsel unit. Its broad remit covers transactional work.
Reporting to Credit Suisse UK head of strategy and control Joanna Crane, Scheiner will also advise on worldwide legal and commercial matters arising in the bank's North European region and on English law in the Zurich, New York, Tokyo and Singapore branches.
The legal panel may benefit from the international dimension of Scheiner's remit.
“There is no reason why the panel is limited to advising on issues arising solely out of the London branch.
“It may be transaction-based, it may be project-based, it will vary,” he says.
Scheiner joined Credit Suisse in June 1994 as the legal counsel from Clyde & Co, where he was a rising star in corporate finance.
On any future affect on the panel's volume of work, Scheiner says: “It's impossible to tell at the moment. The idea is to monitor more efficiently the work that does go out. It avoids duplication.”