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Grid and Lehman review advisers

30/11/2007

A flurry of activity has gripped the city as top UK law firms scramble to carry favour with two of Europe's most-coveted legal clients, both of whom are reviewing their roster of external advisers.

The FTSE 100-listed energy company National Grid is overhauling its advisers for the first time in three years, while US investment banking giant Lehman Brothers has also announced it is to review fee arrangements with its outside counsel.

Among the firms currently on Grid's commercial panel are Hammonds, Eversheds and Pinsent Mason; while Lehman advisers potentially facing the axe include Allen & Overy, Ashurst and Weil Gotshal & Manges.

Commenting on Lehman's proposed revamp, Legal Week quoted one partner as saying: "They are reviewing how the panel works and refreshing it. This exercise looks at cost savings across the board - abort fees in particular will be looked at."

Lehman's last reviewed its UK advisory board last year, appointing six new firms to its core panel and creating three specialist sub-panels focusing on real estate, fixed income and investment banking work.ADNFCR-1196-ID-18376738-ADNFCR


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