In a legal world transformed by LPM, e-Discovery and automated portfolio management, a system to manage clients' large volume, lower value commercial contracts doesn’t instantly appear the most innovative form of client service. However, the rigour with which McCarthy Tétrault has approached the creation, testing and launch of its Resource Model platform proves that innovation without implementation is worthless.
The firm’s approach to project managing its system development is an object lesson in the importance of grounding great ideas in the challenging realities of client service. Now in active use with a major Canadian Bank – and with other client roll-outs underway – the system assumes the burden of reviewing, negotiating and drafting commercial agreements while ensuring transparency, cost effectiveness and quality assurance through data analytics. This enhances the effectiveness of the client’s in-house team and allows them to focus on their higher value mission-critical responsibilities.
In realising that the key to implementing innovative ideas is outstanding execution, McCarthy Tétrault has taken a leaf from the playbook of some of the world’s most successful innovators.
From left: Jon Culshaw, Richard Temple (McCarthy Tétrault) and Robin Stephens (Vuture)
The innovative service BDO is offering is focused on helping a client have hands on access to up to date financial information. The product provides real time information to the client from any device, at any time. Almost like having a CFO in your pocket. It moves the relationship between BDO and client from a static compliance type relationship to a much more dynamic business advisory role. The tool and service helps the client manage their KPIs in real time and allows the business advisors do what they have always wanted to do - talk to the client about their business.
The technology itself is not necessarily new or different, however BDO's approach in how it applies it is. The three key aspects being: 1) the ability and desire to join up and partner with their clients (the fee earners are being internally trained on how to maximise the benefits of the tool), 2) the co-ordination and inclusion of different practice areas within the firm, 3) the collaboration and take up of the International network. For all these reasons the judges felt BDO had performed really well and were awarded a very close second place.