Let's face it...
... if you're responsible for procurement you're looking at how to minimise cost, maximise value and get the best deal.
Well the good news is, in addition to being expert lawyers, we're also expert at minimising cost and maximising value. Clients who get the best deal usually come back for more and that's how we've built a reputation as a relationship firm.
Let's start with cost
Although we're a major UK law firm, most of our work is actually done outside of London. That means lower production costs. On average, we estimate it costs 50% more to produce a unit of law in London than it does in Birmingham. So our rates are lower.
For costing jobs we use a phase & task budgeting methodology. Each piece of work is broken down into its constituent parts or tasks, a budget is agreed at an individual task level and the agreed task is incorporated into the time recording system. Actual fee progress against task level is regularly reported, enabling early identification and resolution of any variance.
What about value?
In addition to our internal quality assurance, a required standard of service and key performance indicators (KPIs) are agreed. These can cover anything you want but most popular KPIs are agreed response times for acknowledgement of instructions, returning of telephone calls and requests for further information. KPIs have delivered proven efficiencies and cost reductions.
'Calculating' best describes how we allocate the right number of the right people to do the work and that's all you pay for. Once we're on the job, we work to tight management processes underpinned with universally recognised accreditation.
Sophisticated communications and reporting systems mean progress can be monitored on specific matters and the legal spend controlled. This is supplemented by talking openly about that legal spend so we can all constantly look for ways to cut costs and increase efficiency. It just becomes part of what we do.
And what about billing?
Complete transparency and flexibility are guaranteed in all our billings. Regular reports are provided as a matter of course and you can have access to detailed financial information on whatever basis you want. Blended and fixed rates, value billing and retainers for repeat work are all available.
For even more value, take a look at our additional services on technology consultancy, panel management, bespoke training, seminars and conferences.
Wragge & Co is accredited ISO 9001:2000.
If you'd like to speak to a procurement professional who knows us or for more information on cost and value, please contact firstname.lastname@example.org.