Deutsche Bank is close to completing a review of its global legal panel, with the entire Magic Circle heading up the list of those who have already made the cut.
Combining its UK and global panels into one roster, Deutsche Bank has enlisted Ashurst and Simmons & Simmons in addition to a contingent of US heavyweights.
Latham & Watkins, Cleary Gottlieb Steen & Hamilton, Mayer Brown and White & Case comprise the US firm offering alongside transatlantic firm Hogan Lovells.
The process was overseen by global COO of legal Rose Battaglia, with pricing a prominent factor in Battaglia’s decision-making. Battaglia took control of the process on behalf of Simon Dodds and Christof von Dryander who were appointed co-GCs in January 2016.
The current panel replaces its 2015 iteration, when then-GC Richard Walker appointed Freshfields Bruckhaus Deringer, Allen & Overy, Hogan Lovells, White & Case, Ashurst, Cleary and Latham & Watkins. Deutsche Bank’s panel arrangements typically last for two years.
Earlier this month, US litigation specialist Scott + Scott announced its intention to pursue action against Deutsche Bank over forex manipulation. More than 40 European claimants are on board for the action, and follows a US judge’s decision in February 2017 to reject Deutsche Bank’s attempt to have a ‘last look’ lawsuit dismissed. That separate action relates to Deutsche Bank’s utilisation of a short time-lag between transactions to maximise potential profits.
In summer of last year, Deutsche Bank suffered a succession of high-profile departures, with global legal strategy head Emma Slatter and head of active asset management James Hooper both confirming exits within days of each other. Hooper joined boutique investment firm J O Hambro Capital Management, having been employed with Deutsche Bank since 2006. Slatter left after 20 years at the company to set up a consultancy advising on a range of business ventures.