Lloyds is the latest banking giant to take an axe to its legal panel, slashing the number of firms from 10 to eight.

Following a ’rigorous and competitive’ tender process, a spokesperson for Lloyds Banking Group said eight firms have landed a spot on its ‘core’ panel.

The firms ’are able to offer either alternative resourcing options, technology solutions and/or the ability to offer a wide range of complex legal advice’.

The Gazette understands the chosen eight are: Addleshaw Goddard, Allen & Overy, Ashurst, CMS Cameron McKenna, Eversheds, Herbert Smith Freehills, Hogan Lovells and Linklaters.

Lloyds Banking Group is also reviewing its panels for specialist advice. The spokesperson said a decision will be made ’later in the year’.

In June Barclays announced it had reduced the size of its law firm panel by two-thirds. It previously had 350-400 preferred and approved firms. It now has 140 firms across three tiers - panel, core specialist and specialist - to handle litigation globally.