Lloyds cuts core legal panel from 10 to eight firms after 'intense' review

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Lloyds Banking Group has finalised its UK legal panel review, with DLA Piper and Norton Rose Fulbright losing their places on the roster.

Group general counsel Kate Cheetham led the review, which has seen existing panel firms CMS Cameron McKenna, Eversheds, Herbert Smith Freehills, Hogan Lovells, Linklaters, Allen & Overy, Ashurst and Addleshaw Goddard retain their places.

The bank issued firms with a request for proposal in August.

One partner involved in the process said: “It was intense. They had a very strong focus on pricing via hourly rate. Other banks seem to be looking a little bit more holistically at the process, but Lloyds was extremely focused on the rate card. It took a while and dragged out. They made it quite clear they were reducing it by two firms.”

A Lloyds spokesperson said: “Following a rigorous and competitive tender process, we have finalised the list of the group’s legal core panel. The panel will include eight firms which have been designated ‘core’ as they are able to offer either alternative resourcing options, technology solutions and/or the ability to offer a wide range of complex legal advice.”

Lloyds last conducted a full panel review in August 2014. Historically, the panel appointments have lasted for two years.

The bank has also confirmed it will unveil its UK legal sub-panels later this year. The bank last completed a review of its 16 sub-panels – including restructuring, insurance, group property and financial services – in December 2014.