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Instructing External Law Firms for Banking and Finance Transactions: In‑House Checklist Covering Panel Terms, Scope, Fees, Liability, Insurance and Invoicing

Checklists
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This Checklist outlines the key considerations for an in-house lawyer when settling engagement terms with an external law firm on a banking and finance matter. It is intended for banking and finance practitioners based in banks or other financial institutions. For guidance on points to assess when deciding which external law firms to instruct, see Practice Note: Selecting external law firms—a guide for in-house banking and finance lawyers.

Type of engagement

The structure and level of detail in the engagement documents will depend on the pre-existing relationship between the bank or financial institution and the relevant law firm. Points to verify include:

  • whether the firm to be appointed sits on the bank’s or financial institution’s legal panel. For further details, see Practice Note: Selecting external law firms—a guide for in-house banking and finance lawyers
  • whether any standing engagement terms exist between the parties, for example a panel agreement. If they do, those documents are likely to capture the majority of the standard terms of business between the parties...
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Web page updated on 20/05/2026

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