De-bundle Legal Services

Client:
Financial institution

Their issues:

• Our client did high-end transactions and was not the cheapest on the market. Therefore, service was key to them.
• Transactional legal fees were passed through to customers.
• Customers were often dissatisfied with legal costs.
• A switch to a low-cost legal services provider was problematic. They needed a “vetting stamp” from a large firm due to the transaction value.

How Simplex Legal helped:

• Offered to perform a sampling of ‘problem’ legal invoices.
• Identified the main tasks in the process and who would be the most cost effective to do them.
• Restructured the process so that external firm supervised the overall transaction while subcontracting discrete tasks to low cost providers.

What Simplex Legal achieved for this client:

• Leveraged total legal spent paid by clients.
• Made a deal with 2 firms who are now focussed on high value-added tasks and overall supervision.
• Project legal costs down by 15% – in this case, paid by customers.
• Solved a customer service issue, but also created the opportunity to shine and show value.