Transformation Strategy / Matrix Management
Legal COO was committed to a 5 year strategic transformation plan for a large in-house legal department at an international investment bank.
Digital Transformation / Cost Saving
The captive offshore personnel of the global Legal documentation team was manually inputting post-execution contractual data into a downstream database.
Matter Management / Workflow
An in-house investment banking documentation team had to radically increase production, transforming by both volume and complexity, owing to business drivers and regulatory reforms.
Legal Data / Structure and Management
ISDA Master and Collateral Agreement documentation contains commercial terms with economic value and represent a potential source of expensive legal risk. Following the global financial crisis, regulatory reform has driven a deep dive into the detail of the documentation and the related data. Derivative documents can represent hundreds of billions of dollars of exposure.
Data-Centric Legal Teams
From litigation to negotiation, the ability to access data is changing. The range and scale of 'what is data' is vast. Finding a use case for introducing new data or converting existing repositories to structured data can be done. However, it is best to start with with outcome in mind.
In this use case the outcome we wanted was to use data to change perceptions about the legal function.
Legal Teams - Stakeholder Management
All legal teams work in the interests of their (captive) client's needs. The trouble is, sometimes neither the legal team nor the client has identified exactly what that means. It does not stop there. Legal may have to consult and seek approval with a variety of internal clients. In a matrix environment, not everybody is working to the same plan.
Outsourcing / Offshoring / Managed Services
A large legal department of an international corporate and investment bank wanted to establish its first offshore legal team.
Small Firm Focus
Small firms, according to the Solicitors Regulation Authority are those with up to 4 Partners and turnover <400k. They generate 48% of legal service turnover in the UK.
Such small firms can find themselves in a difficult position because success depends on being busy. Partners may wanting to innovate but lack the time and resource that larger firms can deploy. However the right strategic combination of mindset and technology can radically close any size gap.