Client
A global leader in the financial services industry
Services
Consulting, spend management, legal bill review, implementation services, project management, change management
Industry
Financial services
Tech
leading e-billing, matter management and spend analysis software, collaboration, workflow
Challenge
Our financial services client came to us with a challenge we are all too familiar with. Their external legal spend was big, but they were not sure just how big, because their spend data was not accessible in a single, central location. Invoices were being submitted manually and usually behind schedule; therefore their billing process was inefficient and costly. Invoice review (when done) was manual which costs their legal department high-value resources time. They had no way of managing budgets, but knew they had to change.
We took on the following challenges:
- Create a spend strategy that looked to deliver against their business strategy
- Optimise internal processes
- Select and implement the right technology to support process change and the wider strategy
- Design a vendor/panel selection and onboarding
- Implement legal bill review programme
Solution
We were engaged by our client to support them throughout their entire transformation. We set about capturing business requirements and building a strategy to support their overall objective – use technology to enhance processes and reduce legal spend. After understanding how the legal department operated, we helped select and then implemented a leading matter management and e-billing system across the entire business globally. As part of the implementation we developed the client’s outside counsel guidelines and worked on the initial panel review. Having successfully delivered the new software and helped the client realise immediate ROI, We looked to deliver greater savings by implementing a legal bill review programme to.
Impact
By digitally transforming our client’s legal department and putting the right technology solution in place we were able to deliver significant savings of >20% and 10x ROI.
