Banking giant Barclays has completed a comprehensive review of its legal advisers in the US.
The conclusion of the US review, which was run concurrently with a review of the bank’s UK panel, has resulted in the creation of a list of approved firms. Among them are Cleary Gottlieb Steen & Hamilton, Shearman & Sterling and Sullivan & Cromwell.
Commenting on the move, Barclays general counsel Mark Harding said: “We did a review in the US to establish an approved list of firms. It wasn’t an attempt to create in the US a mirror of what we’ve got in the UK.”
As first revealed on www.thelawyer.com (10 June), Barclays concluded a review of its UK panel, awarding Freshfields Bruckhaus Deringer a place on the bank’s coveted general advisory panel. Freshfields joined incumbents Allen & Overy, Clifford Chance, DLA Piper Rudnick Gray Cary, Linklaters, Lovells and Simmons & Simmons.
As well as the general advisory panel, Barclays also has 11 specialist panels in the UK, including structured capital markets, securitisation, litigation and corporate recovery.
Barclays has an annual legal spend of around £100m. The panels will run from 1 July 2005 to 30 June 2007.