Lehman Bros shakes up panel

The review, which is being led by corporate counsel Ian Jameson, is expected to make savings on legal fees in the fixed income market. It is understood that M&A and litigation will be less affected.
Clifford Chance, Freshfields Bruckhaus Deringer and Linklaters are the three UK firms on its panel, with the bulk of the transactional work going to Clifford Chance and Linklaters and litigation work going to Freshfields. However, Allen & Overy (A&O) is now used on a regular basis and a number of other firms advise in specialist areas.
It is unlikely that the panel will change dramatically, but there is speculation that A&O may be included.
The move follows that of Dresdner Kleinwort Wasserstein, which set up its first-ever panel at the end of July in a bid to cut its legal spend.
Jameson confirmed that the review was taking place but declined to comment.