Results

  • $7M annual cost reduction for last two consecutive years
  • Increase YOY law firm billing compliance
  • Improved overall process

Story

A leading multinational bank and investment services company relies on internal staff to manage legal support services. The existing spend with external law firms is upwards of $300 million per year and the need for services is consistently increasing. The investment bank’s day-to-day internal team, tasked with managing law firms and vendors, does not have the bandwidth to closely monitor and reconcile current billing with contractual billable hours, leading to an overspend on legal support.

  • Challenge

    Management and reinforcement of the company’s global legal spend required increased administration. Law firms and consulting vendors compliance with pricing, alternative fee arrangement and e-billing practices became challenging to maintain at current administrative staffing levels. The legal needs of the bank were vast and the internal teams’ resources were stretched.

  • Solution

    The Williams Lea team of investment banking and financial services experts reviewed current process and performed a cost analysis on legal spend. We became a liaison between law firms and in-house counsel. We added both attorney and non-attorney auditors, to provide commentary on billing guidelines and explain specific audit criteria concerns.

     

  • Our process redefined billing guidelines to clearly identify billing criteria. We performed consistent cost analyses audits, which increased savings potential for legal spend, group settlement model, flat fee, set amounts and hourly billing. By acting as a liaison between law firms and in-house counsel, we were able to identify billing issues, reduce excessive spending and provide regular reporting on process and cost.