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Banking Giant Pioneers Adviser League Table
Banking giant UBS has launched a radical review of its global legal advisers in an attempt to slash costs and become one of the first top financial institutions to formally grade law firm performance. The Swiss-based bank said the move is in response to increasing legal bills which now account for 1 percent of UBS' total annual revenues. The review will run alongside UBS' new system of ranking its outside counsel by awarding points across seven areas, including speed of work and quality of skills.