OneSavings Bank (OSB) has held a roundtable panel review for firms on its roster, ahead of its first formal review at the end of the year.
The review came at the year-end for the bank’s inaugural legal panel, which was announced back in March.
During the review, group general counsel Zoe Bucknell provided an executive strategic update to client partners, intended to help them develop their services in line with the bank’s plans for 2016.
The review also gave legal head Sam Roberts the opportunity to give an update on spend and activity levels, with the company reporting underlying profit growth before taxation of 60 per cent in the first half of 2015.
“The review was geared to firms further developing their offerings to complement our strategic direction,” Bucknell told The Lawyer. “Panel firms then looked at the various challenges our legal team faces and suggested how the panel can best address those challenges.”
Bucknell says these challenges include tracking developments in legislative and regulatory changes, as well as managing information on how well panel members are performing. She added that each of the firms received their fair share of work over 2015, despite the bank having a relatively quiet year in comparison to 2014 when it first listed on the London Stock Exchange.
A total of 12 firms made it onto OSB’s inaugural panel last year, including Addleshaw Goddard, Ashurst, Clifford Chance, Eversheds and King & Wood Mallesons. Bedell Cristin and Mourant Ozannes were the two offshore firms that made it onto the list, while Rosling King, Squire Patton Boggs, Shoosmiths, Shakespeares and Travers Smith completed the roster.
Bucknell said no changes were at the moment being considered for the panel and that it is the right size. However, the legal team may start to consider whether specialist panel firms are required for certain areas.
The panel will be officially reviewed later this year.