Media Release

BOQ Launches First Legal Panel

Friday, 20/05/2016

In a first for the Bank, BOQ today announced the launch of a Group-wide legal panel – a move that has seen it reduce the number of firms it uses by 57 per cent. 

BOQ Group Executive General Counsel and Company Secretary, Michelle Thomsen said the panel, to be used by the Group nationally, was selected through a tender process which focused on value, relationships and value-added services. 

She said the approach would allow BOQ to use a smaller pool of providers which would deepen existing relationships and concentrate spend over time by including a mix of price points to reflect current business legal requirements. 

“Our selection process focused on a choice of panel firms to meet our diverse needs, with a broad range of expertise and the in-depth knowledge of BOQ required to support our business. We also focused on the ability to deliver innovation and ‘outside the box’ thinking when it came to pricing to provide value. 

“The innovation challenge was met by firms by offering us a value account that BOQ will be able to spend on a range of services over the life of the panel relationship.” 

Ms Thomsen said in addition, firms were also required to demonstrate close alignment with BOQ’s culture, vision and strategy. 

“With our tagline It’s possible to love a bank, superior levels of customer service are at the heart of what we do and we were looking for the right fit when it came to selecting our panel.” 

The BOQ Legal Panel features a simple structure, with a General Advisory Panel which will service the business and strategic legal needs across the group. In addition, four firms have been appointed to three discrete specialist areas of the Bank.