What we do: Legal Services
Following a series of successful acquisitions, the client wished to drive further top-line and bottom-line growth and reduce their cash-lock up and risks.
The Glenesk team delivered two rapid diagnostic exercises that identified over £7M of opportunities across the business. Some opportunities were delivered by the client team and the most complex were jointly delivered and led by Glenesk. We set the governance arrangements to track the delivery of benefits, to time and budget and worked with the local communications team to engage staff across the business to take ownership and help design the changes needed. We used the results of our change assessment to anticipate and avoid many of the implementation challenges in the business
Glenesk delivered all the targets set, examples include:
- Finance process automation delivered
- Finance process redesign to reduce duplicate payments addressed
- Identified payment term amendments to be brought in line with industry standards
- Identified improvements to settlement processes for the local team
- Opportunity £2.5M cash release
- Introduced tracking of key dates, ATE funding and limitations across the business
- Introduced risk governance framework and policies to manage the above
- £750k reduction in uninsured losses
“They keep their promises and brought complementary skills to our team. Feedback from across the business on their approach and output was excellent including from our Executive Leadership Team.”
CFO – UK Top 50 Legal Firm
As part of a wider industry trend, a Top 40 UK Legal Services Firm faced rapidly increasing Professional Indemnity Insurance, excess and defence costs arising from rare, but costly missed dates, limitations and funding issues.
The firm had made a series of acquisitions whose legacy was multiple systems and ways of tracking key-dates, limitations and funding across the business. Managing these risks had proven challenging given variable data capture, duplicate systems, and different ways of working across the business.
The Glenesk team undertook a detailed operational analysis to understand to root cause how and where previous costs had arisen. They then brought together local experts from Risk and Compliance, HR, Internal Communications and each practice area to help design improvements to the way that data, systems, process and people interacted to prevent the possibility that each source of losses could occur again in the future. The design was trialled at small scale to prove its efficacy and iterated before being rolled out across the business, sponsored by local managers.
It comprised three elements:
Making risk visible: Data quality errors were addressed and fee earners, Risk and Compliance and the Management Team were given a clear, live view of all cases where funding or missed key dates were at risk so they could be effectively managed. Managers could tell where fee earner case reviews had been missed or where temporarily orphaned cases needed to be assigned owners.
Managing risk effectively: Weekly, monthly and quarterly review cycles were embedded within existing meetings at each level of the business from individual supervision to the Executive Leadership Team. These ensured that any risks were addressed by the fee earner upon notification or escalated if not.
Accountability and Assurance: A detailed compliance and accountability framework was implemented to give clarity over responsibilities and expectations of each role involved and how breaches were to be managed.
The project is on track to deliver nearly £1m in financial savings, providing evidence of a lower risk profile for the purposes of Professional Indemnity Insurance and enhancing customer satisfaction.
“Glenesk are a pleasure to work with. They quickly found and valued a number of areas for profit improvement, and worked with my team in a very collaborative way to agree a common view on what needed to change.”
Chief People Officer & MD: Consumer Legal Services – UK Top 50 Legal Firm
Many firms suffer from a high loss-rate of potential new business through customer enquiry and intake. A small increase in this conversion ratio can have a big impact on case volume and profitability. Our secret shopping amongst a number of the Top 200 legal firms by revenue reveals that only 33% of calls and 25% of webform submissions were addressed and that the key information needed by consumers to select their provider was unavailable at the first point of contact 17% of the time. In addition, our previous projects show that firms’ services do not always match the price point or needs of potential customers and once onboarded, not all cases are successfully completed and end in the payment of fees. Each of these missed opportunities can be addressed with rigorous prioritisation and the design of new ways of working to the benefit of your consumers and your bottom line.
The results are highly sensitive to each firm and its ways of working but intake volumes can sometimes be increased by over 10% without additional cost and bad debts and WIP write-off reduced by as much as 20%.
“They have helped us deliver cost savings, improved our visibility and control of key risks and created easier ways of working for my team.”
CFO – UK Top 50 Legal Firm