Agreeing engagement terms with external law firms—a checklist for in-house banking and finance lawyers

Copyright © 2025 LexisNexis
Published by a LexisNexis Banking & Finance expert
Checklists

Agreeing engagement terms with external law firms—a checklist for in-house banking and finance lawyers

Copyright © 2025 LexisNexis

Published by a LexisNexis Banking & Finance expert

Checklists
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This Checklist sets out the main factors that an in-house lawyer should consider when agreeing engagement terms with an external law firm in relation to a banking and finance transaction. It is written for banking and finance lawyers working in banks or other financial institutions.

For information on issues to consider when selecting which external law firms to work with, see Practice Note: Selecting external law firms—a guide for in-house banking and finance lawyers.

Type of engagement

The engagement documentation will vary in format and extent, depending on the existing relationship between the bank or financial institution and the law firm in question. Factors to check include:

  1. •

    whether the firm to be instructed is on the bank or financial institution's legal panel. For more information, see Practice Note: Selecting external law firms—a guide for in-house banking and finance lawyers

  2. •

    whether there are any standing terms of engagement between the parties, such as a panel agreement. If so, this documentation is likely to include most of the usual terms

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United Kingdom

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