Due to its specialist and complex nature the procurement of legal services is challenging at best for organisations. Even if companies are aware of the broad range of legal services available to them they may not necessarily know where to get the best advice in each instance nor how to effectively negotiate rates or obtain volume discounts or structured fees. This often leads to companies defaulting to a "one size fits all" approach which usually proves to be an inefficient and costly model.
In line with PEPCO's commitment to driving down costs we are working with portfolio companies to introduce spend control and cost certainty to the procurement of legal services through our expert partner Kennedy Cater.
Their core team is comprised of former barristers and solicitors, paralegals, and legal procurement specialists. This collective wealth of knowledge and experience across the legal system gives them the ability to find, brief, negotiate and manage the right legal providers to deliver the best possible solution at the best possible price. Through a deep understanding of the requirement they are able to deconstruct the constituent parts of a need to determine a fair price and bring the utmost levels of scrutiny to fees and fee structures ensuring transparency and fairness.
The result is that ALL legal needs are met using technically excellent legal professionals; utilising the right resource for that particular problem at that time. The best lawyers are engaged for the best price, so clients can be sure they are paying fair prices for appropriate legal advice. Coupled with first-class customer service this provides a robust solution
for companies wishing to take control of their legal spend. Highlights:
- Team of ex lawyers and other very high calibre experienced corporate professionals
- Relationships with hundreds of the best law firms and barrister chambers across the UK
- Pre agreed rates which are usually 20 to 30% off standard rates as a starting point
- Invoice checking service
- Fixed price menus in place for various services
- Sophisticated databases for data analysis
- Extensive pricing information from data gathered over seven years of tendering legal services
To the Business:
- Reduced Time & Increased Quality - this level of rigour is not always undertaken internally due to time constraints which means spend and quality is not under control
- Reduction in Errors - thorough scrutiny of invoices reduces errors such as overbilling, incorrect rates etc.
- Valuable bespoke negotiation for big-ticket items
- Excellent detailed management information for FDs - data can be reported by spend category e.g. employment / property / IP, or spend analysed by firm and/or lawyer
- Ability to spot trends in the business - for example the internal instruction process may be taking too much time & adding costs which could be rectified through additional training
- Keeping up to date on market developments - ensuring organisations are aware of new models and ways of doing business
For in house counsel:
- Efficiencies for their department - legal spend reduction will have a positive impact on their profile and often on their compensation as well
- Freeing up resource - enables them to focus on more interesting and/or higher value work allowing them to use their specialist skills.
- Improves their view of the marketplace
- Increasing their value - an in house counsel who understands and supports a model that drives cost control and reduction for legal services engagement is a much more valuable asset to an organisation.
To Law Firms:
- Business retention & Strengthened relationships - this model usually provides more security for law firms as it deepens their engagement with clients, as long as they are delivering good service and technical excellence at a fair price, leading to longer lasting relationships.
I had not used a barrister directly before; we were introduced to a commercial and practical barrister who quickly got to the heart of our issue, advised us on it and remained engaged with us on and off over the following weeks supporting us through to its conclusion; they managed the process, ensuring that advice was provided promptly and in line with the cost estimates which we had approved; prior to this I had not realised what good value barristers represent – we paid £85 per hour! I have no hesitation in recommending the service they offer."
They did what it said it would do – it found us the right legal solution, efficiently managed the process and saved us cost. I have no hesitation in recommending them."