In what is further evidence of corporations thinking on a global scale, Macquarie Group is looking to establish a panel of law firms outside Australia.
The Lawyer reports that following the swift expansion of its non-Australian business, the Australian-based bank is preparing to bolster operations in Europe, the Middle East and Africa (Emea) with the establishment of a dedicated roster of Emea advisors.
The bank plans to come up with a group of 12 firms by January 2012 across all practice areas.
Currently, Macquarie has no restrictions on the firms it can seek advice. While it has a number of preferred firms offering advice on Emea matters, they do this on an ad hoc basis.
Current firms working on Emea matters include Baker & McKenzie, Clifford Chance, Allen & Overy, Travers Smith, Linklaters and Kirkland & Ellis.
Each of these firms is expected to appear on the new formal roster.
The bank is following a trend set by other banking giants like Barclays, Lloyds Banking Group and Santander.