As part of an external counsel overhaul, British online and land-based sportsbetting operator Ladbrokes has reduced its legal panel by over half to 22 firms while extending appointment terms from two to four years.
According to a report from LegalWeek.com, Harrow-based Ladbrokes received more than 50 applications for work as part of a recent review led by the company’s general counsel, Jonathan Adelman, with each submission averaging more than 10,000 words.
In a move away from more traditional hourly billing, Ladbrokes named Slaughter and May, SJ Berwin, Clyde and Company and Trethowans as primary appointees to its legal panel while eight firms were contracted to cover a wide range of work comprising Freshfields Bruckhaus Deringer, Harold Benjamin, Burness Paull and Williamsons, Jonathan Rose, Onside Law, Reed Smith, Dickinson Dees and Gateley.
In addition, ten other legal firms have been named to the listed company’s panel with responsibility over specific areas including gaming specialists Harris Hagan, Olswang and DLA Piper as well as BrookStreet Des Roches, which is to advise on real estate matters.
“There's a mix of firms on here who have been long-term supporters and those who have really impressed us,” Adelman was quoted by LegalWeek.com.
“We had a stated and strong desire to work with firms that would be truly dedicated to Ladbrokes. The process was not about hammering down hourly rates; we wanted a longer-term [and] more holistic approach to deliver long-term value and savings.”
23/1/2013, 8:55 pm