Challenges

Our Client, a FTSE250 General Counsel, needed to source legal advisers with specific experience and first class negotiation skills to manage the setup of a complicated deadlock joint venture with a sophisticated counterparty. The Company's management were keen to ensure that they were receiving the best advice on the best terms, and questioned the use of their existing lawyer.  Our Client therefore turned to The Legal Broker London to explore options through a formal tender process.

The Legal Broker London solution

Having been appointed, The Legal Broker London's team developed a thorough understanding of the Client's mandate, before using its proprietary databases and in-depth market knowledge to identify suitable advisers. Interviews were then conducted with a shortlist of relevant service providers, using a consistent brief to ensure comparability of responses.

Within the short time frame required by the Client, The Legal Broker London's team had obtained fixed fee quotes from its shortlist. Of those firms with the required skills and experience to meet the Client's needs, the most expensive quote was 8 times higher than the lowest.

Benefits to the Client

By using The Legal Broker London, the Client was able to run a swift, organised and targeted tender process, gaining valuable market insight that enabled it to benchmark potential advisers - including options previously not known to it. This delivered better accountability and transparency for the Company's management and properly validated costs to the Client.