The Royal Bank of Scotland (RBS) is planning to slash its legal spend, currently estimated to be £150m annually, by 25 per cent in its current online panel review, The Lawyer can reveal.
Law firms were on tenterhooks on Friday evening (5 September) waiting to hear if they had made it to the second round of the process, with the first firms receiving notification at around 6pm.
The decision will have a major effect because the panel will be in force for three years.
Bidding will take place on 26 September with the results coming in on 31 October. The appointments will take effect from 3 November.
Most sought-after are transactional panel places, with an annual legal spend of around £120m.
The RBS legal department declined to comment on the matter.