Revolut revamps legal panel model with performance-driven approach
UK digital bank Revolut is reshaping how it works with external law firms, moving away from the traditional fixed-panel model in favour of a system based on performance reviews and pricing competitiveness.
In a LinkedIn post, chief legal officer Tom Hambrett said the company is introducing “Revolut Partners”, a flexible network of firms assessed on service quality, responsiveness, commercial discipline and engagement with the bank’s products.
Under the new structure, firms will no longer hold permanent panel positions. Instead, Revolut plans to review advisers every quarter and replace underperforming firms when necessary. Hambrett said weak client management, poor billing practices, scope creep and unsatisfactory legal advice would all be considered negative performance indicators.
The fintech is also developing internal AI tools to support legal procurement processes, including running RFPs, selecting firms for mandates and reviewing invoices and legal advice.
Hambrett said the model is designed to prioritise measurable results over long-standing relationships with external counsel, although he noted that relationships would still remain important.
Reaction to the proposal on LinkedIn was divided. Some legal professionals praised the more data-driven approach, while others questioned whether frequent reviews could undermine long-term collaboration between clients and advisers.
Among the critics on Linkedin was independent regulatory consultant Richard Oliphant, who argued that external firms provide the most value when they develop a deep understanding of a client’s business over time. He suggested that stronger and more consistent outcomes are more likely to come from stable, long-term partnerships than from a constantly changing panel structure.
