Empowerment through pro-active negotiation systems consultancy
Background
- Lawpoint’s client develops and provides a SaaS platform to a client base of large, heavyweight financial services firms.
- A high volume of client contracts were heavily negotiated by the clients, who often had a team of in-house lawyers.
Challenge
- The COO was spending a lot of time fronting contract negotiations, coordinating responses as well as being the primary decision-maker.
- The COO was frustrated with the time negotiations took out of their day. They felt they were the “bottleneck” to progressing the contract through to completion, which was a barrier to onboarding clients.
- The volume was such that the COO did not have the budget or time to engage with a lawyer as much as they would have liked.
Solution
- We gave the COO a toolkit to facilitate a risk-based system of managing contract negotiations, which involved escalation, delegation and a “cheat sheet” to aid decision-making.
- A strategy was put in place to manage heavy redline markups from unpragmatic lawyers.
- Lawpoint was on hand as second-line support to deal with the really thorny issues.
Results
- The contract volume was filtered so that resources of the client business were directed according to risk.
- The COO was the decision maker for only certain contractual matters on specific contracts.
- The COO was no longer the single point of contact for all contractual issues. They were now supported by a team of stakeholders in the contract negotiation process.
- The COO had more time and peace of mind that risk was being managed.
- The company was empowered to adopt and follow a “policy” to manage negotiation “hotspots.”
- Time was saved; external costs were saved.
Outcome
- The Client became so empowered we didn’t hear from them for a year!
To find out how we can support your business in negotiating and navigating the contract process, get in touch today: tracey@law-point.co.uk or call 01202 729444.
