Legal Week reports that the bank has told firms it intends to decrease the number of firms on the panel during this review. Lloyds last conducted a full panel review in August 2014; the panel appointments have historically lasted for two years.
‘Core firms’
In a statement, a Lloyds spokesperson commented that the bank has ‘a small number of core firms, who work with us as strategic partners, and then a broader panel of firms whom we engage for certain specialist work.’
2014 appointments
The bank appointed ten firms, including Addleshaw Goddard, Allen & Overy, Ashurst and Linklaters, to its core line up in 2014. CMS Cameron McKenna, DLA Piper, Eversheds, Herbert Smith Freehills, Hogan Lovells and Norton Rose Fulbright also won spots.
Sub-panels
It is also expected that Lloyds will unveil its UK legal sub-panels later this year, having last completed a review of its 16 sub-panels – including restructuring, insurance, group property and financial services – in December 2014.
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