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ITV is hoping to become the first FTSE 100 company to turn its back on the billable hour as the broadcaster kicks off a panel review expected to slash its roster of legal advisers.

The broadcaster uses around 40 law firms for legal advice, including traditional advisers Lovells and Freshfields Bruckhaus Deringer as well as Slaughter and May, but is planning significant cutbacks.

The review is being led by group legal director and general counsel Andrew Garard, who joined the company in September 2007 from legacy firm LeBoeuf Lamb Greene & MacRae.

Firms have been invited to submit proposals outlining their fee structure by the end of July with ITV expecting to make its final decision in September.

Garard told Legal Week: "ITV hopes to become the first FTSE 100 company to move away from chargeable hours and increase the use of fixed fees, caps and floors, with the rate based on deal completion. It is important that we have greater flexibility. We want to see the figures before we do anything -- firms need to understand that the current way of working is not efficient."

Slaughters partner Nigel Boardman, who has worked with ITV, said: "General counsel should reach an agreement they feel comfortable with. If I was a general counsel I would not find hourly rates very attractive.

"They do not create the right incentives for the firms. Good value billing should look at the way in which the business is completed."

ITV has traditionally been a trophy client of Lovells but in recent years the broadcaster has been turning to Freshfields for an increasing amount of corporate work.

Since Garard joined last year, he has also added Slaughters and Charles Russell to his list of preferred advisers.