Legal spend is the second-largest ‘cost centre’ for £21bn global banking giant Barclays. This tantalising statement is in the bank’s 2018 Request for Quotation document, sent to law firms ahead of its final panel review this year and seen by Legal Business. The document provides detail on what Barclays describes as this ‘sizeable’ legal spend.
In the 18 months to January this year, for instance, around 35% of its legal budget was spent internally in running an in-house legal department that dwarfs many major law firms at more than 750 staff. The rest was spent externally, about half in the Americas and just over a third in the UK.