They may have some of the toughest requirements of law firms’ client rosters, but a request for proposal from a leading bank still sends many lawyers jumping through hoops for the chance to secure a coveted panel place.
There is no denying that banks drive a hard bargain when it comes to handing out work to advisers, and partners often bemoan the fee discounts, lawyers they are required to second and other benefits in kind. The extent of some banks’ demands is such that it is not unheard of for partners at smaller firms to debate the merits of even pitching for a place given the degree to which rates are cut and the difficulty of meeting requirements such as providing in-house training.
