Lloyds Banking Group has begun a review of its core UK legal panel, with the results of the process expected by late September, Legal Week understands.
The bank issued firms with a request for proposal last week, and has given them a deadline of next Tuesday (16 August) to respond to the invitation to tender.
Lloyds last conducted a full panel review in August 2014. Historically, the panel appointments have lasted for two years.
Legal Week understands that the bank has told firms it intends to slim down the number of firms on its UK panel during this review.
In a statement, a Lloyds spokesperson said: “The bank’s legal panel is determined based on a rigorous and competitive tender process. We have a small number of core firms, who work with us as strategic partners, and then a broader panel of firms whom we engage for certain specialist work. Our panel is reviewed and re-tendered on a rolling basis and is due for renewal later this year.”
In 2014, the bank appointed 10 firms, including Linklaters, Allen & Overy, Ashurst and Addleshaw Goddard, to its core line-up.
DLA Piper, CMS Cameron McKenna, Eversheds, Hogan Lovells, Herbert Smith Freehills and Norton Rose Fulbright also won spots.
However, it also cut three firms from the roster: Stephenson Harwood, Osborne Clarke and Berwin Leighton Paisner.
Lloyds is also expected to 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.
Other banks to have recently reviewed their legal panel include Barclays, which earlier this summer slashed its legal line-up by around 60%. It cut the total number of firms it works with to 140, from between 350 and 400, with no new firms joining the list.
Ashurst, Hogan Lovells, Simmons & Simmons, Addleshaw Goddard, Eversheds, Bond Dickinson, DWF and Reed Smith were among those retaining spots on the roster, with the first three previously sitting on a 19-strong list of ‘preferred firms’ appointed in 2014.