From the start of the new contracts on 1 July, each firm will have a minimum value target set for them. However, if they undershoot the allocation, they either need to reimburse the bank or to carry the value deficit through into the following contract period. One partner in a City law firm said: ‘It's very much a gamble. If, for example, your value account is worth £200,000 and by the end of the panel term you have only provided £150,000 worth of services, you end up writing a cheque to the client to make up the difference.’

Announcement soon

Names on the panel are expected to be announced shortly. The present panel includes Hogan Lovells, DLA Piper, Simmons & Simmons as well as Magic Circle firms Allen & Overy, Clifford Chance, Freshfields Bruckhaus and Linklaters. Source: Legal Business