In a recent press release announcing a two-year contract with Tyco, Eversheds cites Project Management as central to the success of this relationship.[1] The firm's focus on metrics and project management is driven, I would argue, by the fixed-fee arrangement it has with Tyco. As I've recently discussed, adoption of legal project management will be driven by the move towards alternative billing arrangements.[2]
Here is the section of the press release that pertains to legal project management:
With an emphasis on transparency, control and metrics, in the past two years, the contract has achieved by way of example, a 27% reduction in fees for Tyco and a reduction in the number of Tyco's litigation cases by 60%. At the same time, Eversheds increased the proportion of high quality work it services for the client by over 300%, including M&A and IP work, achieving the objective of both parties to deliver an improved and sustainable return on investment for the law firm.
The new contract builds on the principle of an annual fixed fee for all Tyco's work. With the benefit of two years' management information collected through the firm's leading edge and award winning Global Account Management System, Eversheds has been able to simplify the latest contract. Bryan Hughes, Eversheds Chief Executive commented:
"Eversheds innovative partnership with Tyco has placed the firm at the forefront of the legal revolution. We are hearing that General Counsel want exactly this type of project management and we get daily enquiries asking how we can deliver quality legal advice for businesses across numerous jurisdictions through one point of contact. We are delighted with the new contract and are committed to continually improve and innovate our services for all our clients".[3]The focus on metrics, analyzing prior work to improve processes and estimates, and supporting this by implementing of project management systems is the future of corporate legal work. When a firm with the stature of Eversheds starts advertising its project management capabilities, it won't be long before most other large firms jump on the bandwagon.
[1] Eversheds Celebrates Tyco Success as Innovative Two Year Contract Signed, Reuters, Nov. 5, 2009, http://www.reuters.com/article/pressRelease/idUS166286+05-Nov-2009+PRN20091105 (last visited Nov. 9, 2009) [hereinafter Eversheds.
[2] Paul C. Easton, Legal Project Management is Key to Fixed-fee Billing, Legal Project Management, Aug. 31, 2009, http://legalprojectmanagement.info/2009/08/legal-project-management-is-key-to-fixed-fee-billing.html (last visited Nov. 9, 2009).
[3] Eversheds, supra note 1 (emphasis added).
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