BP Refreshes UK Legal Panel
10 Jul, 2014
BP Legal confirms the engagement of a panel of leading legal firms following a renewal process started in April 2014. The engagements, starting immediately, are for UK-instructed work covering all aspects of BP’s activities. Values were not disclosed.
The 2014 panel consists of Linklaters, Freshfields, Herbert Smith Freehills, Norton Rose Fulbright, CMS Cameron McKenna, Ashurst, Simmons & Simmons, Pinsent Masons, Olswang and Addleshaw Goddard.
A number of additional specialist firms are also being considered for niche roles.
“We’ve reselected most of the existing panel but we felt it would help us to bring in some new names as we sought competition, high quality and value from the UK panel,” said Rupert Bondy, BP’s Group General Counsel. “We have a good spread of UK-based firms some of whom are familiar with the issues we face and some who we feel will be able to add value in the longer term,” he said. The agreements are for three years, with effect from 1st July 2014.
As part of the process BP held a reverse auction in which all firms were asked to participate. “The auction was very successful,” said Andrew Stewart, Managing Counsel, “and although it was just one part of our process it helped us to benchmark the offered hourly rates to ensure that we had the right spread of capability at different prices.”