Lloyds Banking Group has delayed the completion of its legal panel review until November, extending the current terms of the agreement for firms on the roster by a month.
The bank was set to finalise its revamped panel, which covers its own-account work, on 1 October, but has informed firms that it will not report back until the beginning of next month at the earliest.
The delay is thought to be related to the size of the task involved in reviewing the panel, the second major revamp of the roster since Lloyds TSB acquired HBOS in 2008. The last review, in 2010, saw Allen & Overy, Clifford Chance and Linklaters among the firms appointed.
As part of the cost-cutting plans, it is understood that Lloyds is planning to focus a larger percentage of its work on a core group of roughly eight to 12 firms.
A separate review of the bank’s pass-through work is understood to be starting in January. Lloyds declined to comment.
Meanwhile, Allen & Overy, Ashurst, Clifford Chance, Linklaters and Stephenson Harwood are among the firms to have emerged as members appointed to the Royal Bank of Scotland’s legal panel, a review of which was completed this week. The roster was cut by around 40 per cent (23 October 2012).