Energy giant BP has extended its current panel arrangement by a year in light of an uncertain 2020.
The panel’s current adviser roster of 18 firms will remain in place for 2021, with a review set to take place later this year.
The current line-up was set to end in December 2020 but the company asked to continue working with its current legal advisers for an additional year, according to a person with knowledge of the situation.
The panel currently includes Addleshaw Goddard, Ashurst, Baker McKenzie and CMS.
A spokesperson for BP said that it would review its panel “during the course of 2021″ and that the new line-up would come into place from January 2022.
One London partner at a panel firm anticipates that oil and gas companies will continue to reducing their external legal services spend as they establish what type of support they need going forward, particularly in light of the “huge amount of internal change in these companies”.
BP last reviewed its roster in 2017, with Fieldfisher and Reed Smith cut from the list. The refreshed panel was effective from January 2018 for a three-year term.
In May, EDF Energy delayed its review due to the COVID-19 pandemic and opted to extend its panel. The energy giant has since kicked off its panel review.
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