Rapidly expanding law firm secures enhanced value for money
Maximising the procurement opportunities of rapid growth
A leading European law firm, with 18 offices across 7 countries had been experiencing a sustained period of growth.
The firm had expanded through a combination of organic growth and acquisition activity, moving into new markets and new countries and with a significant number of new hires and partner promotions.
The firm did not have a dedicated internal procurement function and was seeking a partner to identify and directly deliver enhanced procurement and cost savings across all areas of non-pay spend.
Having considered this as an option over previous years, it was decided that timing was now right to move ahead and begin locking in growing financial returns in advance of further anticipated firm-wide expansion.
Identifying the opportunity
The first step was to create transparency of spend.
A ‘sense check’ discussion was scheduled with key stakeholders across the firm including heads of IT, HR, Marketing, Finance, Operations and Facilities, to review the outputs of the analysis and discuss opportunities for enhancements.
With significant cost savings and value for money enhancements looking possible, the next step was to complete an Opportunity Assessment where individual input from the stakeholder team would be factored in and targeted savings quantified.
The Opportunity Assessment confirmed that major opportunities existed and the firm agreed to progress with a plan of rapid implementation.
A Steering Group was created to oversee the subsequent programme, led by the firm’s Chief Financial Officer and with input from all stakeholders.
Results that went far beyond initial expectations
A procurement programme was conducted over a 6-month period. It’s goals were the delivery of improved service level provision, enhanced value for money and cost savings across the following categories:
- IT & Telecoms
- Professional Services
- Recruitment Agency
- Postage, franking & postage printing
- Bank charges
- Stakeholder support for the project was strong – and higher than originally anticipated.
- An initial six figure ‘value enhancement’ objective was targeted, but this was significantly exceeded, with many categories securing higher savings than had initially been forecast.
- ProIntell was established as a centralised spend analytics platform to measure ongoing procurement cost savings
- Recommendations for a future internal centralised procurement model were developed in parallel to the programme
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