Case Study

Multinational Corporation Saves Over $2M With Outside Counsel Concierge (OCC) Service and Elevate’s Manage Outside Counsel Software

Challenge

Customer needed to engage outside counsel to conduct audit and provide advice on a sensitive regulatory compliance matter. Consequences of non-compliance could lead to significant financial penalties and reputational damage.

     

  • Obtain high-quality legal advice that would withstand possible regulator scrutiny
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  • Establish clear engagement framework to ensure cost-certainty for duration of project

Solution

Elevate’s OCC team worked with key customer stakeholders to prepare detailed RFP for engagement

RFP included (i) discrete list of workstreams and deliverables for invited firms to scope and price, and (ii) detailed assumptions and exclusions to keep submissions focused on delivering key required outcomes for customer

All firms requested to provide capped or fixed-fees

As part of OCC service, Elevate managed end-to-end RFP process utilising its proprietary Manage Outside Counsel software

Each firm responded to RFP using software, along with Q&As and further clarifications that arose as RFP progressed (also covered by OCC service)

Due to nature of engagement, responses were sophisticated, complex, and involved varying pricing models — OCC reviewed and distilled responses into single report permitting customer stakeholders (who were not lawyers) to easily consider, compare, and assess each firm’s submission with commentary on scope, pricing and suitability of resource leveraging adopted by each firm

After post-submission presentations and clarifications (also managed and reviewed by OCC), OCC implemented ongoing tracking process to ensure project progressed in line with accepted proposal

 

Impact

Early engagement of OCC facilitated focused and well-run RFP generating USD$2M in savings through a 100% fixed-fee engagement

OCC’s continued engagement shaped firm behaviours – firms with previous experience in an OCC-led RFP provided several significant value-adds at no charge without any explicit request to do so

100% of OCC-led new matters are under AFAs, with average realised savings to date of 74%

Impact

Early engagement of OCC facilitated focused and well-run RFP generating USD$2M in savings through a 100% fixed-fee engagement

OCC’s continued engagement shaped firm behaviours – firms with previous experience in an OCC-led RFP provided several significant value-adds at no charge without any explicit request to do so

100% of OCC-led new matters are under AFAs, with average realised savings to date of 74%

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