The challenge:
Our client had no in-house legal function. Sometimes legal matters were being ignored until they reached boiling point.
At other times, they were being handled by different directors who instructed several different external lawyers. They received conflicting or incomplete instructions which sky-rocketed legal fees and frustrated everyone involved. All the while, projects remained unfinished and disputes were rising fast.
Why LegalEdge?
We were chosen because of our experience in building tailored legal strategy, budgets and resourcing models for our clients.
What we did:
First we completed a full legal health check to get under the skin of the business. As a result we:
- identified and prioritised key issues, e.g. resolution of expensive disputes to release large accruals from the company’s balance sheet
- created a legal budget and process for the engagement of external lawyers
- established an efficient and cost-effective process for reviewing and completing contracts and NDAs
- built a process for tracking and evaluating inventions to protect their intellectual property portfolio
- worked with HR to help implement a redundancy programme and other cost-cutting initiatives
The results:
The board were much happier that the management team and external advisers were working in harmony and at the same time achieving real cost savings.
Resolving contentious matters faster saved the company from expensive and time-intensive litigation. Better management of the company’s intellectual property portfolio freed-up resources to generate new and more valuable IP.
Key areas of legal exposure were remedied, including the updating and centralising of legal files so company records were easily accessed and located. This due diligence exercise allowed the business to pass inspection by a government regulator without any fines or penalties.
