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Bank One cutting back on its contracts with local lawyers. (Bank One, Texas N.A.)
Powerhouse gets picky; wants discounted rates
Bank One Texas is reorganizing its legal department and dropping some outside firms from its roster of hired guns.
No in-house attorneys at Bank One Texas are being cut, according to Steven Bennett, senior vice president and general counsel for Columbus, Ohio-based Banc One Corp. But in Texas, the company is cutting by two-thirds the number of law firms it hires in an effort to boost its bottom line.
The move has whipped up competition for the $2 million to $4 million in legal fees that Bank One Texas annually pays for outside legal help.
The bank works with between 100 and 150 firms, down from more than 300 in 1990, said Robert Nelson, deputy general counsel for Banc One Corp. and …
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