Transaction Management | Case Studies

Having worked for nearly 20 years with firms it is interesting to see how increasingly sophisticated the better firms have become. It started with helping firms to become more profitable. This moved on to helping individual practice areas to increase profitability as it became obvious that different types of work need to be run in different ways. Now the demand is to help fee earners to manage individual matters better as the result for the year is obviously the sum of all matters. The Finance Director of an 80 partner firm had intervened when a partner had incurred £360,000 of costs on a file where the only estimate to the client was £8,000 and thought that some training for partners and senior fee earners was essential.

Tangible result:
The training provided delegates with practical checklists that could be used at the start of matters to control cost and be more creative over the billing arrangements. Input was given to the design of spreadsheet models to better predict the cost and profit of matters at the outset. The goal was to provide the firm with a competitive advantage in that they could demonstrate to clients greater efficiency and control of costs than their competitors.

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