Improving legal matter management for a large financial services company
Driving efficiency in legal operations by crafting an impactful spend strategy
The challenge
As part of a broader programme of work to improve a large financial services company’s efficiency and cost-effectiveness in their legal function, our Legal Operations Consulting team (LOC) worked with a client to enhance their ongoing management of live matters. The vehicle to leveraging legal project management methodologies and providing dedicated support for the largest and most complex matters would be the most effective way to achieve these objectives.
The solution
To address the challenges faced by the client, LOC implemented a threefold approach:
1. The deployment of a team of dedicated Legal Project Managers (LPMs)
An experienced team of LPMs was deployed who conducted a thorough audit of the client's largest matters. The audit aimed to identify matters with the highest levels of anticipated spend, as well as potential quick wins and opportunities for the most favourable return on investment. Upon identifying these matters, the LPM team was onboarded to the matters to provide comprehensive project management support. This support encompassed various aspects, including (but not limited to) cost management, the introduction of Effective Fee Arrangements (EFAs), risk planning, detailed scoping of future phases, and the creation of clear timelines and action plans.
2. Development of a project management toolkit
To help reap benefits on less complex matters where the justification for dedicated LPM support was not as strong, a project management toolkit was created. This toolkit empowered the client's lawyers to effectively manage these matters themselves. By equipping them with the necessary tools and resources, day-to-day management of these matters became more streamlined and efficient, allowing for better cost control and resource allocation without the need to dedicate LPM resources to the matters.
3. Establishment of a dedicated internal LPM team
To ensure long-term self-sufficiency in managing legal projects, the client was supported to build out a dedicated internal LPM team. In the long-term, the internal LPM team will serve as a valuable resource within the client's organisation, facilitating collaboration, knowledge sharing, and ongoing improvement in matter management practices.
Results and benefits
The implementation of legal project management expertise at the client offered both immediate and long-term benefits for the client, including:
1. Cost savings and avoidance
The direct support provided by the LPM team on the most complex matters resulted in significant cost savings and avoidance. Through clearer scoping, the introduction of EFAs, and tighter cost-management, the client also received a much greater degree of budget certainty on their largest matters.
2. Long-term sustainability
The establishment of a dedicated internal LPM team ensures that the client can continue to realise long-term benefits in a sustainable manner. The internal team serves as a valuable resource, enabling ongoing improvement in matter management, enhanced efficiency, and cost-effectiveness.
Conclusion
