Better Value Legal Services
CREATING A PANEL IN THE FINANCIAL SERVICES SECTOR
A fast growing, specialist lender wanted to secure better value from its suppliers by establishing a panel capable of meeting the bank’s requirements for legal services – both current and anticipated.
Following a deep dive analysis of the bank’s current range of suppliers, we benchmarked spend in each advisory area against our databases of market rates and identified substantial opportunities to capture savings of 20%+ through using a more nuanced range of suppliers – from traditional City law firm through to new innovative fixed fee providers. We worked with the bank’s in-house team to shortlist a range of suppliers and then run a tender process. Throughout the panel process we coached our client on tactics to push back on suppliers wedded to traditional ways of working (and billing!) and provided up to date market rate intelligence.
3 year agreements at stable rates; substantially increased fixed fee matters; £100k of value add benefits.