Firms vying for spots on Lloyds’ own-account panel have been given a week to file tender submissions to the bank in preparation for an October panel unveiling.
Current panel firms Ashurst, Berwin Leighton Paisner (BLP), Clifford Chance, Eversheds and Linklaters are all expected to be aiming to meet the bank’s 29 August deadline for electronic tender submissions.
The bank’s chosen core firms and preferred advisers are expected to hear if they have places on the revamped roster on 1 October while specialist firms and those receiving pass-through work will have to wait until the end of the year (2 June 2014).
Lloyds has consolidated its 11 panel places into seven sub-groups including a litigation panel, general advisory roster, insurance as well as several finance spots.
In what marks a new step for Lloyds, firms will also have the chance to put teams into the bank for temporary periods and receive money back from the bank.
The review will be the third time Lloyds has revamped its prestigious own-account panel since Lloyds TSB acquired HBOS in 2008. It put in place its first post-merger panel in 2010, handing spots to magic circle firms Allen & Overy, Clifford Chance and Linklaters among others (21 October 2010).
In 2012 Lloyds was forced to delay its second own-account review due to the size of the task. The bank was expected to hand out roles in October that year but extended the process for a month (25 October 2012).
Each of the bank’s sub-panels is understood to have a manager at the bank though the review process is managed by the procurement team.
Lloyds kicked off the roster review in August with letters of invitation and is expected to be negotiating terms with its core firms until the end of next month.
It comes months after the bank finalised its first formal roster for its customer-pay work, in April (29 April 2014). The third-party roster, for which customers pay the fees, doled out work to Addleshaws, CMS, Hogan Lovells and Osborne Clarke following a tender process (29 April 2014).
The bank split the customer-pay panel into 12 spots with each divided into five or six value bases. Some firms won work with a price tag of up to £25,000 while others will be given the chance to work on mandates of over £1m.
Lloyds is also keeping DWF, Irwin Mitchell and Shoosmiths in suspense over the outsourcing of its retail and asset finance teams (28 April 2014). So-called Project Canberra was initially put on hold after The Lawyer broke the news but the shortlist emerged earlier this year with Irwin Mitchell said to be the frontrunner.