Barclays panel firms get extra year as bank moves to three-year cycle

Barclays has pushed back this summer’s expected legal panel review by a year, extending the terms of its review cycle from two to three years.

The bank has made the decision based on a number of factors, including satisfaction with the current panel, the administrative upheaval involved in regular reviews and the fact that most big banks operate a three-year review schedule.

The bank’s last review, conducted in 2011, saw 117 firms appointed to 13 panels and three UK sub-panels for its investment banking and markets arm.

That review saw first-time appointments for a number of firms, with US trio Cleary Gottlieb Steen & Hamilton, Shearman & Sterling and Sullivan & Cromwell all added to the bank’s main general advisory panel.

One relationship partner said: “As an incumbent firm, it’s obviously good news that the terms have been extended. The banks have to weigh up the amount of time these reviews take them, as they do put a lot of consideration and resources into the process.”

Barclays is currently facing several Libor-related pieces of litigation, including the test case between Barclays and Guardian Care Homes, slated for October this year, for which Clifford Chance is set to advise the bank.

Elsewhere, the bank has commissioned an independent inquiry led by former Freshfields Bruckhaus Deringer senior partner Anthony Salz to review its business practices in the wake of the Libor scandal.

Other firms on the bank’s panel include Addleshaw Goddard, Allen & Overy, Clifford Chance, DLA Piper, Freshfields Bruckhaus Deringer, Linklaters, Hogan Lovells and Simmons & Simmons, all of which were appointed to the roster when it was reviewed in 2009.

First-time appointments to the bank’s various sub-panels in 2011 included Bird & Bird, Baker & McKenzie, DWF, Herbert Smith, Holman Fenwick Willan, Ince & Co, Kemp Little, Mayer Brown, Stephenson Harwood and Withers Worldwide.