Slaughter and May, Allen & Overy, Clifford Chance, Linklaters and Freshfields Bruckhaus Deringer have all been signed to JPMorgan's new EMEA panel, giving the investment banking giant a clean sweep of the Magic Circle. They are joined by fellow London-headquartered firms CMS Cameron McKenna, Eversheds and Norton Rose Fulbright. However, several City firms which have previously acted for JPMorgan in Europe did not make the cut for the new panel, including Ashurst, Simmons & Simmons and Herbert Smith Freehills.

Fee cuts

With JPMorgan's global legal spend hitting $3bn last year, the bank is one of the most lucrative legal clients in the world. JPMorgan's in-house team closely negotiates standard rates with the bank’s outside counsel, though it is understood that the bank requested that firms consider taking fee cuts of at least 2 per cent to qualify for a place on the new EMEA roster. Source: Legal Business