The Benefits of Re-engineering in Professional Services
A major UK law firm needed to dramatically improve their due diligence service provided to corporate clients seeking to purchase other businesses. This service was used by clients to identify any potential risks in the proposed purchase that could be reason to renegotiate the terms of the deal or to cause it to be terminated. Such risks could include environmental liabilities, property rights, employment liabilities etc. The current service resulted in a high level of write-off of billable time for the firm, due to excessive time taken to perform the work – which couldn’t be charged as the work was performed to a fixed price. This project was led by an experienced Partner in one of the firm’s offices. The firm hired an external consultant to provide a re-engineering framework and a small team of lawyers covering commercial, real estate and employment – the key departments involved in the commercial due diligence process – was selected.