Point break – The extreme measures of Barclays’ adviser review

Point break – The extreme measures of Barclays’ adviser review

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. Continue reading “Point break – The extreme measures of Barclays’ adviser review”

In-house: RBS to tackle peaks and troughs with flexible legal providers

In-house: RBS to tackle peaks and troughs with flexible legal providers

The need for a more ‘nimble and agile’ environment is driving the Royal Bank of Scotland’s (RBS) foray into the flexible lawyers market, reducing a dependence on the need for secondees from external firms.

RBS general counsel (GC) Michael Shaw (pictured) confirmed the bank has gone out to a number of flexible resourcing providers with an eye to setting up its first-ever panel in the area later this year. Continue reading “In-house: RBS to tackle peaks and troughs with flexible legal providers”

Pearson eyes cost reductions with rejigged legal panel

Pearson eyes cost reductions with rejigged legal panel

Education company Pearson has consolidated its legal adviser panels into new ‘preferred’ and ‘general’ rosters, moving away from specialised panels to help reduce costs.

Fourteen firms have been appointed to a new ‘preferred’ panel, which will cover what Pearson describes as ‘day to day requirements’, as well as new areas not formerly covered by external counsel such as US immigration and US employment work. A ‘general’ panel has also been introduced, consisting of 13 firms Pearson has a long-standing relationship with. Continue reading “Pearson eyes cost reductions with rejigged legal panel”

Barclays presses counsel for radical shake-up by 2021 as it unveils final panel

Barclays presses counsel for radical shake-up by 2021 as it unveils final panel

Barclays is intent on pushing dozens of major law firms to adopt a radical overhaul in working arrangements in time for its long-planned move away from a formal panel by 2021.

The global banking giant confirmed on Monday (2 July) that it had completed its final global panel review, further reducing its advisers from 140 to just under 100 before it phases out a conventional legal panel altogether in three years. Continue reading “Barclays presses counsel for radical shake-up by 2021 as it unveils final panel”

Refreshing revamps: EDF and Co-op Group look to new firms in panel reviews

Refreshing revamps: EDF and Co-op Group look to new firms in panel reviews

One of the UK’s big six energy suppliers, EDF Energy, has nearly halved its external advisers in a bid to plug into ‘deeper’ relationships, while the addition of two new firms mirrors the refreshment seen elsewhere in the Co-operative Group’s revamped legal panel.

In late April, CMS Cameron McKenna Nabarro Olswang and Bryan Cave Leighton Paisner (BCLP) were added to EDF’s new panel of eight firms, which has been cut from the previous 14. Continue reading “Refreshing revamps: EDF and Co-op Group look to new firms in panel reviews”

Two new faces gain membership to reshaped Co-op legal panel

Two new faces gain membership to reshaped Co-op legal panel

Seven firms have won spots on a revamped Co-op Group legal panel which sees its corporate, commercial and property panels combined to work alongside primary adviser Allen & Overy (A&O).

Newly-appointed firms Fieldfisher and Squire Patton Boggs join Addleshaw Goddard, Pinsent Masons, Hill Dickinson, Brodies and Paris Smith for a three-year term, following a review which began last year. Continue reading “Two new faces gain membership to reshaped Co-op legal panel”

Panel beaters – Balfour revamps Pinsents partnership as Barclays’ buying shake-up signals its last panel contest

Panel beaters – Balfour revamps Pinsents partnership as Barclays’ buying shake-up signals its last panel contest

Is big business turning its back on the conventional legal panel? This month at least sees two prominent examples, with listed infrastructure group Balfour Beatty extending and revamping its sole supplier partnership with Pinsent Masons as banking giant Barclays unveils its final global panel review.

Pinsents today (5 March) announced its sole supplier mandate with the FTSE 250 company had been re-signed until 2020, the second extension to a deal which kicked off in April 2013. The latest partnership, however, has introduced new pricing structures for greater flexibility. Continue reading “Panel beaters – Balfour revamps Pinsents partnership as Barclays’ buying shake-up signals its last panel contest”

‘A wonderful opportunity’: Network Rail begins long journey to new £70m adviser panel

‘A wonderful opportunity’: Network Rail begins long journey to new £70m adviser panel

Network Rail has begun its longest-ever panel review process for external adviser work, which could be worth up to £70m over five years from next April.

The rail company’s review will be the first under new group general counsel Stuart Kelly, who was promoted from deputy group GC following the departure of Suzanne Wise in March last year for a non-legal role as senior vice-president for corporate development at Japan Tobacco International . The review will be led by Network Rail route businesses GC Dan Kayne. Continue reading “‘A wonderful opportunity’: Network Rail begins long journey to new £70m adviser panel”

Societe Generale names a dozen firms to new global law roster

Societe Generale names a dozen firms to new global law roster

French financial services group Societe Generale (SocGen) has named 12 law firms to its new international panel, with a further six practices instructed for disputes and tax work.

The panel is split into 12 full-service firms, which is broken down further into eight ‘preferred’ firms and four ‘selected’ firms, with a further six specialists responsible for large litigation and tax. The European banking giant said the panel was designed to cover its requirements across the 66 countries it operates in, complemented by local panels in those countries. Continue reading “Societe Generale names a dozen firms to new global law roster”