Dresdner In Law Shake Up

It is thought that Allen & Overy, Ashurst Morris Crisp, Clifford Chance, Freshfields, Linklaters and Slaughter and May have already pitched for business, but Norton Rose and Lovells, who are known to do a lot of work for the bank, appear not to have been asked to bid.

The final panel of 10 will probably be made up of 5 firms that specialise in corporate and advisory work. The remainder will deal with others areas, including intellectual property and IT.

Dresdner appears to be following in the footsteps of German rival Deutsche, who set up its own panel of external legal advisers earlier this year. Not all major banks, however, appear to be going the same way. The Lawyer mentions that Citigroup still encourages law firms not on its official list to develop relationships the bank.