Royal Bank of Scotland (RBS) has at long last concluded its convoluted panel review.
The Lawyer understands that Addleshaw Goddard has been appointed onto the RBS general advisory panel for the first time. However, Slaughter and May, which has historically advised the bank on its own account work dropped out of the tender process at a very early stage due to conflicts.
Shearman & Sterling, which pitched for a place on the panel covering deals of £100m and over, also missed out. A well placed source told The Lawyer that the firm was most likely to have been ruled out because it was not prepared to offer a sufficient discount on fees.
Meanwhile, Denton Wilde Sapte is understood to have won places on all of the bank’s panels.
An RBS spokesman said in a prepared statement: “We have now completed a very thorough review of the group’s legal panel. We are confident that we have a high quality panel that is well placed to meet the wide-ranging needs of a business as complex as RBS.”
The new panels came into force on 3 November and will operate for three years.