with less SMARTDELIVERY PINSENTMASONS
ne CONTENTS 4-5 PEO PLE+ TECHNOLOGY 6-7 MORE FOR YOU 8-9 CORE THOUG HTS 10-11 LEGAL FUTURES 1 2-13 S TRENGTH IN NUMBERS 14-15 A CASE IN POINT 16-19 THE LAST WORD
When you get the rig ht people with the best techn ology aroundthe ta ble, you know good th ings are going to happen. Get the th inking rig ht and you’re uns to ppable. We’ve revolutionised our business to help our clients revolutionise theirs. It all started with the basics. We took all of our processes and mad e them ruthlessly e fficient and consistent in every conceia ble way. Then we tailored them around our clients’ needs and added some brilliant techn ology to make it all work anywhere they need it. Then it was all about the peo ple. Give our clients seamless access to the rig ht peo ple at the right cost (including some clever thinking around flexible resourcing) jus t when they need them. We wanted to be the bes t law firm for project management, so we inves ted in training and tools. But it’s the bespoke technology that really sets us apart. All of the automation, analysis and applied learning tools you need to save time, money and energy, leaving you the breathing space to concentrate on the really big challenges in your industry.
Weâ€™re here to solve problems. And we think data analytics might just provide all the answers you need. Our people mod el information to highlight commercial insights, manage risk and automate all of those tasks that encumber even the most agile minds. We invent and reinvent systems. Our aim is to always make things better. Above all, our role is tocarefully craft all of those tools that help your business getahead. Developing the technology to automate the day-todayis step one. But itâ€™s also invaluable for uncovering a wealthof insights into how we can tackle your bigges t commercialchallenges. Combined that with some of the most imaginative and commercially-seasoned lawyers in the business and you have the perfect platform for big ideas and incredible outcomes.
Whatâ€™s keeping you from getting on with the work that really matters? Is it that discreet bundle of fiendishly-complex contracts in the intray? Or that insurmounta ble volume of routine ones on the server? Our automation tech makes short work of both them (and everyth ing in between). How? We break contracts down to their basic building blocks, then provide you with the tools to put them together in whatever shape you need n ow, and for the future. Quickly, coste ffectively and perfectly, every time. Job done? Now, letâ€™s get on with the big st uff.
Who wouldn’t be excited about the opportunities the developing field of artificial intelligence represents for law, right now? It all starts with natural language processing that’s revolutionising the kind of research that would have taken an army of lawyers an age to tackle. Process and reasoning rules applications are automating the hum-drum with incredible results and savings on time, cost and e fficiency. Data extraction tools give us the power to mine and present meaningful insights from overwhelming levels of data, locked away in inumerable volumes. Then there’s predictive data analytics, that can identify patterns in previous matters to map likely outcomes. All of these creative technologies can make an incredible difference to your business, today. Question is, what’s s topping you?
1 11000 2800 approach to automation
39 4400 0 25 process workflows
matters managed online
percent cos t saving
What if you didn’t need to worry about billable hours for everyday legal work? What if, instead, you paid the same rate for every matter? Who wouldn’t love that? That’s how we work with global infrastructure giant BALFOUR BEATTY. In 2013, they were looking for a way to optimise legal spend. They know the difference between the truly valueadding legal insight and the work that jus t needs to get done. So do we. We split the workload between business-as-usual and business-critical. We killed the billable hour for the everyday work, instead charging them for every matter we complete, giving full certainty and control over spend. They know how much any given matter will cost before they instruct us, and they kn ow they can trust us to do great work for them on every matter, big or small. How does this work? We built technology from scratch, including a bespoke case opening system that gives our people all the information they need in ord er to complete the work, without time -consuming back-and-forth. Imagine that. total transparency of how much work is in the pipeline, who’s handling it and whether it’s on track. Then we use machine learning technology to predict when and where resources will be need ed in future, so clients know they can always rely on us to meet their needs.
Over the four years and thousands of matters we have worked with BALFOUR BEATTY, we have built up a huge kn owledge base, helping us to identify and automate common tasks. Not only does this make the hourless model possible, it also allows us to assess business performance and drive continuous improvement. We meet every month to monitor the account and share the insights we’ve gleaned from the data we collect. And to make sure it’s all going well, we survey their people every six months. It turns t urns out they love us: 90% are satisfied or very satisfied with the service we provide. Killing the bill has proved more successful than any of us expected. BALFOUR BEATTY has saved even more money than initially projected, and the quality of our work has remained excellent. It’s letting them sh ift their focus: from the everyday work they shift really need to do, to the value-adding work they really want to do. That’s what Smart Delivery means. It turns out this is catching on. We’re increasingly attracting more and more clients as a sole adviser, using the same hourless model. You could say our constant investment in ddevelo evelo ping inn ovative technologies and ways of working is paying off for any client with a desire to change the mod el for the better, for good.
the last 16
Law should never hold business back
Especially when things really need to get moving. SmartDelive lets our clients draft, negotiate, implement and track highquality contracts at the speed contemporary business needs to work to in order to stay competitive. As a firm, we can talk you through a wide range of real-world examples for industry where SmartDelivery has revolutionised workflow and outcomes. Take, for instanc a property fund with a very large number of industrial tenants, all on relatively low rents. When letting each unit, the fund needed to create and co-ordinat the compltion of a collection of core documents. Producing each of these documents from scratch could have made a considerable dent in the propertyâ€™s profitabil but SmartDelivery allowed us to draft every contract for every property in under twenty minut
h h e lity, o es.
Speed was also the watchword with one of our asset management clients. With five large shopping malls in their portfolio, it was a bsolutely critical that they move tenants into empty shopfronts as quickly as possible. By implementing SmartDelivery with the client, building a deep and thorough kn owledge of their processes and needs, we are able to t urn contracts around for them in a matter of days, or sometimes even hours. With some potential tenants worth upwards of ÂŁ350,000 per annum, this reduction in lead time has brought huge financial benefits. The bene fits of SmartDelivery can scale en ormously. In the world of finance, when banks need to ring-fence parts of their business, they need to conduct due-diligence checks on millions of documents: are there disclosure concerns, are there data issues? SmartDelivery allows us to check each document in seconds, relieving huge pressure from the inhouse team, who can get on with more important work.
Of course, as important as speed is, itâ€™s only half the equation. SmartDelivery is also about ensuring that, no matter the volumeor the pace involved, each piece of work is carried out to the highes t s tandards. When a bank went into liquidation, they needed to produce millions of documents in order to transition client accounts to new arrangements, each of which needed to be reviewed by a lawyer. With hundreds of lawyers from many different firms assessing these documents, consistency could have been allover the place. We built software to standardise the responses, allowing lawyers to take a firm position on each document quickly, rather than sitting on the fence and wasting valuable time. Likewise, when we first started working with a major supermarket chain, seventy per-cent of their spend with suppliers was not contracted for. Worse s till, only a third of the supplier contracts they did have were based on their pre ferred terms. The supermarket was choosing to take on risk rather than disrupt its supply chain with legal delays.
High speed and high quality used to be mutually exclusive. Using SmartDelivery, we can deliver clients the best of both worlds.
We leveraged our proprietary matter tracker software to capture the key data about each transaction, and worked with the supermarket to build a client-sid e document automation system. We also built a playbook of the clientâ€™s preferred positions, generating a risk note to indicate how, if at all, each contract deviated from the pre ferred terms. Senior managers wanted to be able to examine and approve each supplier contract before signature. We worked with the supermarket to integrate our processes with their IT systems, making the approval process significantly smoother while retaining the oversight that makes it crucial. By introducing SmartDelivery in this way, we helped our client move from contracting for 30% of its spend to contracting for 95%, with 85% of these contracts done on their preferred standard terms.
Pinsent Masons LLP is a limited lia bility partnership regis tered in England & Wales (regis tered number: OC333653) authorised and regulated by the Solicitors Regulation Authority and the appro priate regulatory body in the other jurisdictions in wh ich it operates. The word‘partner’, used in relation to the LLP, refers to a member of the LLP or an employee or consultant of the LLP or any affiliated firm of equivalent standing. A list of the members of the LLP, and of those n on-members who are d esignated as partners, is displayed at the LLP’s registered office: 30 Crown Place, London EC2A 4ES, United Kingdom. We use ‘Pinsent Masons’ to refer to Pinsent Masons LLP, its subsidiaries and any affiliates which it or its partners o perate as separate businesses for regulatory or other reasons. Re ference to ‘Pinsent Masons’is to Pinsent Masons LLP and/or one or more of those subsidiaries or affiliates as the context requires. © Pinsent Masons LLP 20 17.
Published on Mar 12, 2018