General Electric’s (GE) external legal advisers are on standby as the US conglomerate finalises a process to review its European panels.
Firms have submitted applications for a place on the rosters after GE sent out requests for tenders in the past few weeks. The expected completion date is unclear.
The panels include the European M&A panel, on which Allen & Overy, Ashurst, Slaughter and May and Weil Gotshal & Manges are understood to be among the current members. It also encompasses separate rosters for areas including finance and real estate finance.
GE first launched the European M&A panel in 2007 (8 October 2007). Freshfields later chose to leave it for conflict reasons.
The rosters cover a broad range of work across all of GE’s business areas, including its financial services arm, GE Capital, which has been slimmed down in recent years and now makes up roughly a third of the overall business in revenue terms. It operates separate panels outside the European focus, including a global M&A panel.
GE declined to comment.