Lawyers On Demand launches new transaction teams offering
New option uses remote lawyers managed by LOD to increase agility and lower costs on routine parts of complex transactions
Lawyers On Demand (LOD), the alternative legal services provider from BLP, today announces the launch of its new transaction teams- an extension of its LOD On Call service offering mid-level and senior lawyers to work remotely on routine and stand-alone parts of complex client matters. LOD also offers an engagement manager to design and manage delivery.
The transaction teams vary in size depending on the assignment and use LOD’s established On Call lawyers, located across the UK and internationally. LOD’s On Call technology platform and innovative approach to remote working enables clients to quickly and cost effectively access hand-picked teams of specialist lawyers to match specific project requirements.
In its pilot phase up to today’s launch, LOD has successfully completed 12 assignments utilising its transaction teams for a range of clients, with teams now available across multiple practice areas.
Key benefits include:
- LOD’s law firm clients can increase their profitability on transactions by minimising their fixed cost base and can flex their capability and capacity on deals according to client demand.
- In-house teams can undertake routine work such as sales contracts or the renegotiation of supplier agreements more cost effectively without sacrificing quality.
- Associates or in-house lawyers are freed up to focus on more complex work.
- LOD delivery managers liaise directly with the team of remote lawyers, delivering project management and efficient reporting processes to the LOD client.
BLP Real Estate Partner, Karen Friebe, who used a team recently on a large transaction, said; “The work required of the LOD team was a significant piece of the overall project and it was essential that BLP could rely on them to deliver a quality product on time and on budget. They did not let us down. The LOD team were experienced, conscientious and hit every deadline, delivering a final product which was to a high standard, at an extremely competitive fixed cost . The project management element was also very well executed and was an essential element of the successful delivery of the project.”
LOD Co-Founder, Simon Harper, said: “Soon after we launched LOD On Call in June 2013, we were approached by clients looking to utilise our remote legal expertise as a part of larger transactions. Our new transaction teams have been designed to help both in-house teams and law firms reduce their cost base and carry out their more routine work in a more efficient and agile way, without sacrificing legal expertise or experience. They’re a natural evolution of our existing LOD On Call service and have been developed to sit between full service law firms and the more commoditised work undertaken by LPOs.”
BLP has engaged LOD’s transaction teams as part of BLP’s recently launched ‘Integrated Client Service Model’, comprising of four elements: LOD’s transaction teams; a Legal Process Improvement (LPI) service; the use of other third party providers and a new legal services delivery team in Manchester.
The transaction teams are an evolution of LOD On Call, which was launched in June 2013 and which to date has seen over 70 individual lawyers work remotely for clients including Tesco and Thomson Reuters. LOD On Call sits alongside LOD’s original secondment style service, LOD On Site.
For more information about LOD or their new On Call transaction teams service, visit www.lodlaw.com.
Examples of assignments carried out by LOD transaction teams include:
Case study 1 – BLP
After five previous successful transactions, BLP’s Real Estate department approached LOD for the use of an LOD transaction team for its largest requirement yet. They were in urgent need of a team of experienced real estate lawyers to work on a large deal involving the review of over 60 complex certificates of title on behalf of BLP’s buyer client. The transaction, which had an extremely tight deadline, was more than just a processing exercise. It required a team of lawyers with the ability and experience to analyse the certificates and highlight any key issues.
LOD quickly assembled a team of experienced real estate lawyers who would work entirely remotely with BLP on the transaction. LOD’s engagement manager project-managed the team from LOD HQ in London and liaised directly with the BLP team. Over a two month period, the LOD lawyers reviewed the certificates of title that had been produced by the seller’s lawyers, raised detailed enquiries about them and ensured that the certificates were in a form suitable for reliance upon by BLP’s buyer client and by their bankers. The team also produced an overview report on each property for the client and for their bankers, which highlighted any key issues revealed by the certificates of title.
Case study 2 – Major international law firm
In late 2013, a major City law firm approached LOD in need of additional support on a £200m+ transaction they were working on but could not resource internally. The firm had used LOD’s On Site and On Call lawyers for previous assignments, and now needed a team of skilled lawyers to work as part of a compact due diligence team acting for an institutional investor on the purchase of a portfolio of industrial properties.
LOD was able to quickly pull together a team of seven experienced real estate lawyers. They worked remotely over a two month period on tasks including the review and reporting on a range of occupational leases, ensuring that any material issues were highlighted with the in-house law firm team as soon as possible.
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Notes to Editors
Lawyers On Demand (LOD) was founded in 2007 to help legal teams manage changing workloads more efficiently and to offer talented lawyers an alternative way of working. LOD enables in-house counsel and law firms to flex the size and capability of their teams just when they need to. LOD’s high quality, freelance lawyers are available to work with clients on site or remotely, on a contract basis or simply as needed. LOD’s straightforward solutions reduce the usual cost of engaging lawyers by offering expertise without the overhead.
LOD now works with some of the world’s most renowned organisations such as Barclays, Google and Porsche, as well as a number of international law firms. LOD’s team of over 200 experienced and highly motivated lawyers have now carried out over 300 assignments and won numerous awards for innovation and client service. For more information, see www.lodlaw.com.
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