Standard Chartered Bank kicks off panel review

Standard Chartered is understood to have launched a global panel review, with current advisers Clifford Chance, Hogan Lovells and Linklaters expected to be going for roles.

The bank’s last review took place in 2011, led by former Standard Chartered senior legal counsel and panel management lead Ruwan de Soyza. De Soyza has since joined WorldPay as e-commerce general counsel.

The current review is understood to be following a similar timeline, with a new roster expected to be in place in early 2015. It is expected to include Standard Chartered’s international panel and its range of local panels covering the UK, Americas, Hong Kong and Singapore rosters, as well as specialist panels.

In 2011 the bank extended the terms of its international panel in order to allow it time to prepare the global process. The international panel includes Allen & Overy, Baker & McKenzie, Clifford Chance, Hogan Lovells, Linklaters and Slaughter and May.

Bank panels are notoriously unwieldy to organise and mammoth in size. Last year Lloyds was forced to delay its customer pay panel after splitting it from its more prestigious own-account panel.

The bank finally doled out spots to Osborne Clarke, Hogan Lovells, CMS Cameron McKenna and Addleshaw Goddard in April following a tender process (29 April 2014). Lloyds named its core panel last month, when Eversheds, Herbert Smith Freehills and Linklaters were among those re-appointed (13 October 2014).

Standard Chartered’s review is being managed within the group legal department of its 44-strong legal team. Nobody at the bank was available for comment when this story went to press.

—Culled from THELAWYER