De-bundle Legal Services

January 15, 2021 | BY SHANNON Q

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.

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