Barclays launches its last formal global legal panel review 01 Mar 2018 16:50 Barclays has today launched what will be the last formal refresh of its global legal panel. The current Panel has been in place since July 2016 and has marked a departure from the more traditional approach to managing law firm engagements. Over the last two years, the (then) newly established External Engagement Team, headed by Stephanie Hamon, has been focussed on developing a framework which will facilitate active management of the firms with which Barclays engages. The key changes over that period have been: 1. The setting of clearly defined expectations against which firms are assessed 2. Redundancy of the hourly rate 3. An increased focus on Effective Fee Arrangements 4. The development of deeper relationships These changes have been so successful that the department has taken the view that there is little value to be achieved from putting both the Firms and Barclays through the laborious process of completing full RFP procedures every few years. All parties agree this is a mutually beneficial approach, built on trust and transparency. Firms are already being evaluated on an ongoing basis through a newly established relationship management model, the Panel is being actively managed and we are ready to update our procurement processes to reflect this. The current Panel will expire on 30 June 2018 and the new Panel will launch on 1 July 2018. It will be in place for three years until 30 June 2021, at which point Barclays will move away from the traditional tender procedure and instead will rely fully on the new, dynamic panel model. The new approach allows for more flexibility in managing the size and composition of the Barclays Panel with Barclays being able to flex firms’ coverage, adding and removing firms as appropriate. It also allows for strengthened, more in-depth relationships that are mutually beneficial and are established for the long term. Commenting on the new structure, Stephanie Hamon, Head of External Engagement Team, Global Legal, Barclays, said: “Panel refresh processes are not supporting what we want to achieve. What we really want is for our relationships to be a win-win partnership and for all of us to develop, thus helping the legal industry to evolve at pace”. About Barclays Barclays is a transatlantic consumer and wholesale bank with global reach, offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 85,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide. For further information about Barclays, please visit our website www.home.barclays .