US giant Davis, Polk & Wardwell has won a spot on HSBC’s global legal panel as a host of firms retain their places.
Magic Circle firms Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer and Linklaters all retained their places, while global firm Norton Rose Fulbright also kept its place on the legal line up.
The bank last reviewed its panel in 2012, when it expanded its roster to include a US group of firms including Cleary Gottlieb Steen & Hamilton, Latham & Watkins and Mayer Brown.
Norton Rose retained its spot on the panel despite recently losing a panel spot with Lloyds Banking Group. Recent mandates include advising on a HK$1.3bn real estate issuance of shares by investment company South East Group in Hong Kong last year.
In the Magic Circle, Linklaters acted on a $5.2bn sale in Brazil for the bank, led by corporate head Aedamar Comiskey, while Freshfields has advised HSBC on its $1.9bn settlement with US authorities over money laundering and on a recent inquiry by the Competition and Markets Authority.
The expansion of the panel comes after other banks have looked to trim their line ups. In October, Legal Business revealed Lloyds Banking Group had cut its group from ten to eight as DLA Piper and Norton Rose lost their spots.
HSBC’s legal team is led by chief legal officer Stuart Levey who joined the bank in 2012. His hire was part of HSBC’s restructure of its new leadership board and reform of its global strategy.
Recognised in the GC Powerlist, Levey has reorganised the bank’s global legal function in order to align it more closely to the bank’s global businesses and made key new hires to enhance its focus on preventing future reputational problems.
Read more on panel appointments in: ‘A buyers’ market – The trends and traumas in adviser reviews’