Given how much work is generated from banking clients, major panel reviews can be a nervy time for City law firms. For the main advisers to Lloyds Banking Group, the difficult part is over for another two years after the bank this month finalised the review of its own-account roster.

Linklaters and Allen & Overy are among the 10 firms to have won places on the panel, which also includes Hogan Lovells, Eversheds, Norton Rose Fulbright, Ashurst, DLA Piper, Addleshaw Goddard, Herbert Smith Freehills (HSF) and CMS Cameron McKenna.