Barclays said that it has completed a panel review of the legal firms used by the Group globally.
The Barclays Legal Panel now features a simpler structure with two classifications of firms, Preferred and Approved, to service Barclays’ global business and strategic legal needs.
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The new structure represents a move away from the previous multiple-panel model and sees the total number of firms reduced by approximately 30%.
The Preferred list, an evolution of the prior General Advisory concept, represents those firms with which Barclays will seek to deepen its relationship and concentrate spend over time. The list includes a mix of price points and is more evenly split between the US and UK, to better reflect current business and legal spend.
Bob Hoyt, Barclays General Counsel, said:
"I am pleased to announce the conclusion of our review of legal suppliers – a process that ensures we have the right choice of panel firms to meet our diverse needs, deliver excellent value and high standards.
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By GlobalData"Our simplified legal panel, made up of Preferred and Approved firms, will provide the broad range of expertise and in-depth knowledge of Barclays required to support our business lines globally.
"I am grateful to all those involved for their contribution to achieving this outcome. Through driving greater value and capabilities, the Legal function is supporting Barclays’ ambition of becoming the ‘Go-To’ bank."
The panel will run from 1 July 2014 to 30 June 2016.
List of Preferred law firms: Addleshaw Goddard, Allen & Overy, Boies Schiller & Flexner, Cadwalader, Cleary Gottlieb Steen & Hamilton, Clifford Chance, Davis Polk & Wardwell, DLA Piper, Eversheds, Freshfields Bruckhaus Deringer, Hogan Lovells, Latham & Watkins, Linklaters, Matthew Arnold Baldwin, Shearman & Sterling, Simmons & Simmons, Sullivan & Cromwell, TLT and Skadden, Arps, Slate, Meagher & Flom.
