Taylor Wessing launches revolutionary technology-powered legal business service
New Street Solutions to deliver 60% efficiency saving to businesses
International law firm Taylor Wessing has today announced the launch of New Street Solutions, a new division within the firm that will offer a pioneering technology-enabled combination of data mining, active contract management and due diligence services. The technology behind New Street Solutions is powered by document and information management specialist Swiss Post Solutions (SPS). The tech-based offering is the first of its kind on the market and, in trials, delivered efficiency savings of a minimum of 60% on the cost of core business and legal processes. New Street Solutions will be available to clients in May 2011.
New Street Solutions has been developed in response to the continued demand from businesses for greater speed, innovation and efficiency in the provision of legal services. Clients will include organisations involved in the investment, purchase, sale and ongoing management of companies; corporates considering acquisition or divestment; and all institutions managing multiple contracts with customers and suppliers, covering a broad range of corporates, banks or investment funds, and local or central government offices.
New Street Solutions combines Taylor Wessing’s legal and business advisory expertise with technological innovation, using secure digitisation of documents as a first step in enabling efficiencies. The use of SPS' platforms then facilitates the extraction, unification, indexing and interpretation of captured documents to create value and highlight business opportunities and risks. Services will initially consist of three core strands:
• Transaction due diligence. New Street Solutions will automate significant tranches of the due diligence process, creating a faster, more efficient, more data-rich service. Clients are rapidly provided with due diligence reports, comprehensive or targeted document ‘Red Flag Reports’ summarising headline issues, high-value items and key liabilities, all available via interactive, dynamic schedules.
• Ongoing document management. New Street Solutions can store documents electronically, offering clients easy, permanent and highly secure online access. This can be a provided as a corollary to transactional work or a separate stand alone service.
• Active contract management. New Street Solutions offers the capability to provide alerts based on key contract dates (e.g. loan covenant tests, rent reviews, break clauses, supplier price increases etc.) to ensure that they are managed early and appropriately and none are ever missed. Cutting-edge interactive data mining allows deeper analysis than ever before, facilitating even better and more informed decisions. New contracts are quickly assimilated in the same framework, meaning greater clarity and consistency for the business.
The New Street Solutions initiative has been led by Tim Stocks, head of the Financial Institutions & Markets team at Taylor Wessing. Tim worked in cooperation with Philip Learmont, Chief Executive of New Street Solutions, to drive the development of the service.
Commenting on the project, Tim Stocks said:
“We are delighted to announce the launch of New Street Solutions and believe it will profoundly transform the way legal services are delivered. Unlike other initiatives that have sought efficiencies by sending volume legal work to lower-cost jurisdictions, New Street Solutions aims to enhance the value-added aspect of legal services. This is about using technology to work smarter, not just cheaper.
“The system has been tested rigorously in relation to real-life transactions and has consistently demonstrated that it delivers the highest standards of quality and security within a much quicker timeframe. It irons out process inefficiencies and enables clients to manage costs through the use of technology whilst gaining access to a more comprehensive and consistent service in many areas. With a more efficient process, legal experts can invest more time in understanding client businesses and providing value-added services – a win-win situation.”
Commenting on the technology being used, Philip Learmont said:
"The use of technology is changing the way legal services can be delivered. With the UK legal market opening up to greater external competition we've worked with SPS to build a framework that sets New Street Solutions apart from its competitors.
“New Street Solutions is innovative, but its capabilities are also unique in contrast to those being used by other law firms.
“The platform we use will be built on to add further value to clients as their service requirements change over time. We strongly believe this is just the start of a much larger transformation project that will revolutionise the way the legal profession operates."
Ends
Lawyers Tim Stocks, Tim Eyles
Notes to editors
For further information please contact:
Tim Stocks
DDI +44 (0) 20 7300 4737
Email
Sarah Le Cheminant
DDI +44 (0) 20 7300 4930
Email
Taylor Wessing LLP is a leading international law firm providing support for commercial organisations doing business in Europe, the Middle East and China.
www.taylorwessing.com
About Swiss Post
SPS design and deliver document, information and business process solutions to organisations across the globe.
For more information, please visit www.swisspostsolutions.co.uk
