Royal & SunAlliance renegotiates firm terms

Insurance group Royal & SunAlliance is understood to be renegotiating the terms and conditions of its law firm panel with key advisers.

A source close to Royal & SunAlliance said the company was asking its law firms to sign up to new panel agreements in an effort to update the arrangements with external counsel.

The list of advisers for the financial giant features some of the biggest names in the City, including Allen & Overy, Ashurst, Herbert Smith and Slaughter and May.

The last big deal for Royal & SunAlliance was in October last year, when the company sold its US operations for £158m and delisted from the New York Stock Exchange, instructing Slaughter and May, Skadden Arps Slate Meagher & Flom and Wilkie Farr & Gallagher.

Lawyers at Royal & SunAlliance declined to comment.