Business Related, Case Study, Europe

A major UK Clearing Bank Case Study

A wider long-term relationship

Posted 04 September 2018

“Costs are now under control and further improvements are made through an ongoing relationship.”

Situation

In 2014, the bank was experiencing resourcing challenges within its legal teams and was using multiple recruitment agencies, to try and service its requirements.

This was causing a number of issues:

  • Costs were spiralling as the bank struggled to manage its supply base.
  • Freelancers were joining and leaving again shortly after as they weren’t a suitable match for the bank’s culture.
  • Lawyers were not appropriately supported during their assignment and had limited access to professional development opportunities.
  • The bank felt that many of its suppliers were adopting a profit above relationship mentality.

Requirements

The bank required a freelance legal provider who would focus upon quality, one that would support the lawyers and most importantly of all, one for whom this was more than a transaction, but part of a wider long-term relationship.

 

How Vario Delivered

Since 2014, Vario has supported the bank across numerous teams. Assignments have ranged from several weeks through to 24 months, with Varios working on site at locations throughout the UK, such as, London, the South-West, Wales, Scotland and several locations in the North. As a fully-integrated service offering from Pinsent Masons, Vario is concerned with the overall relationship with the client above any focus upon placing a lawyer on assignment. This attitude underpins all of the work that Vario completes and drives a unique mind-set, one which is only interested in placing lawyers perfectly suited to their environment. It is this mentality which has seen Vario’s work with this bank grow continually.

Outcome

  • • Over the past 4 years, a total of 30 lawyers have been on assignment with the bank, and as of May 2018, 9 are currently in long-term assignments. Many assignments are extended time and again, providing evidence that the right people are found, both in terms of technical ability and cultural fit.• Costs are under control. The bank is satisfied that value is being achieved and has steadily increased its use of Vario lawyers.A collaborative approach to work, which has developed between Vario and the bank, has ensured that Vario is able to predict upcoming needs well in advance and continually offer greater and faster levels of support.

 

The relationship has not stood still and has continually evolved since Vario’s first assignment.

A number of initiatives have been worked on with this client, such as:

Streamlining their panel – Through building a relationship of trust, understanding and confidence with Vario, the bank has reduced their panel to three suppliers. This has allowed both parties to invest greater amounts of time and resource to further develop the relationship, whilst the bank is assured of a partner that can meet their requirements.

Pipeline building – Vario has worked with this bank to identify their large project based needs, months in advance of the requirements arising. This ensures that Vario is able to effectively build skills in the bench to meet the forthcoming needs of the client at a departmental level.

Line management access – As the relationship has developed, the Vario Account Manager assigned to this client, has spent more time working with line managers to understand their team culture and individual needs. This has resulted in Varios on assignment becoming ever more successful and greater numbers starting with the bank.

Feedback, of all types – The bank has provided continual feedback to Vario, outlining what has gone well, what has worked and also when it hasn’t. This has created open frank dialogue between Vario and the bank, which ultimately has led to improvements in all areas of this relationship.

Pinsent Masons’ Partner involvement – The Partners have been heavily involved in the placing of Varios into this client, this has ensured that Vario has found the right people. The Partners have also briefed each Vario on the bank, the likely work and the culture they can expect.

Simplifying their administrative and sign-off processes – Vario has worked with the bank to simplify the process as much as possible. A swift process has ensured that they are able to bring talented lawyers in quicker than their competition when the need has arisen.

• Vario is now being invited to support this client with the recruitment of Legal Project Managers, in order to help them facilitate a long transformation of their legal community. This is one of many future initiatives Vario is likely to work on with this client.

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