Insurance giant Aviva has foregone holding a traditional panel review, instead opting for a “desktop review” of its roster of legal advisers.
The toned down review was completed at the end of last year with all eight of its core panel firms remaining in place.
It is understood the review did not allow for pitches from new firms, with general counsel Kirsty Cooper saying the current roster was “fit for purpose”.
Cooper decided against conducting a “beauty parade” of law firms following an overhaul of Aviva’s panel in 2013 that saw considerable cuts to its core advisers.
Cooper told The Lawyer changing the panel involved a “learning curve on both sides” which was still ongoing and there was no need to change the current set up.
“We hold ongoing discussions about things like fees, but we’re pretty happy with the panel we’ve got now and so don’t see any big changes happening in the foreseeable future,” Cooper said. “Sometimes it takes around three years to embed the relationship,” she added.
Aviva’s panel advisers are Allen & Overy, Ashurst, DLA Piper, Latham & Watkins, Linklaters and Slaughter and May for London, continental Europe and Asia, with Addleshaw Goddard and Pinsent Masons advising the insurer’s regional offices in the UK.
Allen & Overy and Linklaters made it onto the roster for the first time in 2013, while Clifford Chance pitched for a place but was unsuccessful as it failed to meet Aviva’s stringent criteria.
Firms were asked to make pledgeds including a commitment to cut hourly rates by at least 15 per cent until the end of December 2015.
The insurer has an additional panel of 13 firms appointed for specialist legal work, including advising Aviva’s fund management business Aviva Investors, and for specific regions such as the US and Ireland.
Around 35 firms were invited to tender at the last full review.