Financial services giant Deutsche Bank has kept tight-lipped on its plans not to pay for work carried out by trainee and newly qualified lawyers at one of the bank’s panel law firms.
According to reports today, it will implement a practice more common in the US under which it will pay only for work taken on by more senior members of staff.
Every two years the bank opens up a tender process that allows some of the City’s biggest law firms to fight for a position on its legal panel. The bank is nearing the end of the latest tender process.
Firms including Hogan Lovells, Latham & Watkins and White & Case are reportedly among those who could be appointed.
Other firms who have worked for the bank include the magic circle firms, plus Ashurst and Simmons & Simmons.