US firms win as Barclays cuts legal panel by 30pc

Five of eight new 'preferred' advisory places on a short list have gone to US firms and the UK-based bank has also reviewed its long list of 'approved' legal firms and cut that number by 30 per cent.

The US firms which come on board as ‘preferred’ firms for the two-year period which started 1 July are: Skadden Arps Slate Meagher & Flom; Latham & Watkins; Cadwalader, Wickersham & Taft; Boies Schiller & Flexner; and Davis Polk & Wardwell. The three UK firms which have also come on this ‘preferred’ list are: TLT Solicitors; Matthew Arnold Baldwin; and Eversheds.

Studied by others

There are some 80 firms which have approved status, down from 117. They are appointed to work on one practice area or within one jurisdiction. There are 19 firms on the preferred list, and they have a more general remit. Barclays is one of the world’s largest financial services businesses and its way of appointing legal advisers will be closely studied by other organisations. Source: Legal Week