We increase your profitability
We improve your customer service, cost, cash and risk for improved profitability
Situation
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.
Achievements:
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 trialed 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.
Financial impact:
The project was on track to deliver nearly £1m in financial savings when it was closed, providing evidence of a lower risk profile for the purposes of Professional Indemnity Insurance and enhancing customer satisfaction.
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, Top 50 UK Consumer Law firm
We work together to build on those results
We bring complementary skills and work seamlessly with your team to deliver guaranteed results that are sustained and built upon
Situation
The finance function of a multi-practice consumer law firm faced increasing costs because legacy systems and processes from acquisitions meant that parallel ways of working were required to process cash and financial performance data. While addressing this challenge the Glenesk team identified a small percentage of invoices that led to duplicate payment.
Achievement
Although not in our scope, the Glenesk team worked alongside client staff to identify all legacy cases and the root-cause of the errors that had occurred. The Finance team put checks in place to prevent further errors while a wider client team, informed by Glenesk, worked on permanent fixes. The finance team created a project to recover payments made in error while Glenesk provided performance reporting and project iterations with the project team and the wider finance function to monitor and improve payment performance in the longer term.
Impact
£150k of in-year savings delivered and further losses prevented.
You gain competitive advantage and an investment in your team
We don’t just guarantee our results, we leave a legacy of continuous improvement and agency in the teams we work with
Situation
The finance function of a multi-practice consumer law firm faced increasing costs because legacy systems and processes from acquisitions meant that parallel ways of working were required to process cash and financial performance data.
Achievement
Glenesk identified a series of opportunities to retire, simplify and automate cash-management and financial reporting processes to reduce costs and increase financial reporting accuracy and timeliness. The Glenesk team worked jointly with local managers and staff from across the business to implement the changes and automate month end processes. The Glenesk team set-up, trained and mentored continuous improvement meetings to review and improve business performance as a business-as-usual activity.
Impact
Month end reporting cycle reduced by 10 days. Back office costs on track to over £600k of annualised benefits at project closure.
They were really flexible in shaping delivery plans around our other projects and budget considerations and helped us tailor the priority work we need to address. It was great working with them and I hope our paths will cross again soon.” Chief People Officer: Consumer Legal Services