Nationwide slashes 43 firms from commercial lending panel

Nationwide Building Society has cut the number of firms on its commercial lending panel from 60 to 17 following a comprehensive three-month review of its legal advisers.

Among the firms that have secured a first-time place on the panel are Addleshaw Goddard, DLA Piper, LG, Reed Smith, Shoosmiths, Taylor Wessing and TLT Solicitors. They have been appointed alongside existing panel members Burges Salmon, Eversheds, Nabarro and Olswang. The building society’s strong presence in the North West has also seen places on the panel for regional firms Berg Legal, Brabners Chaffe Street, DWF, Hill Dickinson, Kuits and Pannone.

As well as advising on general corporate lending, some of the firms will also be used to provide property and security advice arising from the building society’s commercial lending operations.

The review was overseen by general counsel Liz Kelly. She said: “Throughout this review we focused on finding firms that met Nationwide’s business needs and who could provide high quality and relevant legal advice to our commercial lending customers. The new panel represents a range of firms we feel we can work closely with to provide excellent, cost effective legal support.”

The news comes after Nationwide cut 300 firms from its conveyancing panel in April.