Team size: 30
Major legal advisers: Allen & Overy, Baker McKenzie, Clifford Chance, Eversheds Sutherland, Norton Rose Fulbright, Reed Smith
Appropriate fee arrangements (AFAs) are now used on 100% of Shell’s new external instructions. The overall average for AFAs – including all legacy matters – teeters between 80-85%. For context, fellow institutional heavyweight Barclays still billed on hourly rates for nearly half of its external matters as recently as 2018.