Four years on from its last review, British insurer Prudential, which recently posted double-digit profit growth, has kicked off the tendering process for spots on its legal panel.
Group general counsel Margaret Coltman (profile) is undertaking the review that will see some of the leading Global 100 firms compete for places. The panel was last reviewed in 2011, a process which saw Linklaters and legacy Norton Rose both win spots following a five-month competitive tender.
In addition, Cleary Gottlieb Steen & Hamilton was reappointed to provide US law advice, while Baker & McKenzie was retained to advise on employment matters. Freshfields Bruckhaus Deringer, Slaughter and May and Hogan Lovells also took spots four years ago.
The review will also look for legal advisors for Prudential’s real estate investment management arm M&G Real Estate.
Coltman joined Prudential after moving from Lloyds Banking Group in July 2009, and restructured the legal team so that each of its four core businesses – Prudential Corporation Asia, Jackson National Life Insurance Company, Prudential UK and M&G – has its own legal panel, plus an additional head office panel, led by Coltman herself and group legal director Simon Ramage. The legal team currently houses 83 lawyers.
The news comes weeks within a host of firms were awarded positions as Deutsche Bank’s go-to advisers, with Freshfields, Allen & Overy, Hogan Lovells, White & Case and Ashurst all retained places on the German banking goliath’s rota. Other firms named included Cleary Gottlieb Steen & Hamilton and Latham & Watkins.