September 30, 2021
As a banking lawyer of rather too many years, and having seen the light and moved into the exciting world of ‘new law’ a few years ago, I recognized that these two seemingly distinct worlds could collide and generate new solutions for our clients. My early consulting work focused heavily on the in-house operating models of global banks. Unsurprisingly, much in-house resource was focused on enabling transactional work. However, consistent themes emerged: private practice mentality, unarticulated risk appetite, lack of clarity on instructing and working with external lawyers, silos – inconsistency between teams; inconsistency between business lines; inconsistency between products; inconsistency between locations, limited deployment of technology, senior teams in expensive locations etc. While these teams were deemed front line business critical and not the natural contenders for change it was clear that improvements in the model would yield significant efficiency gains. We have seen changes emerging in the market often centered around the establishment of transaction negotiation functions potentially alongside a level of automation, most often developed in-house but less often considered candidates for external management/ outsourcing, unlike less core lower value commercial contracts work or specific simple contract types such as NDAs. However, driven by increasing focus on cost and a pro-active approach to risk, we are seeing transformation initiatives in transactional banking accelerate and other models emerge. These models often involve partnering with an external provider to deliver an end-to-end transaction solution and can provide a number of benefits, including: a scalable solution that may develop from a proof of concept around a particular loan type but then deliver value by incorporating quickly further loan types...
September 29, 2021
A new era for large scale project delivery? Brett Aubin, Konexo Head of Projects, analyzes the trend of decentralizing traditional management… We have all adjusted to the world that COVID has wrought. Some of these adjustments have been existential – I think here of the lockdowns and the impacts on health, education and hospitality. Other adjustments though have been more nuanced and carry just enough of the “old world” in them that we are lulled into overlooking how they have changed our behavior. I think here of having to wear a face mask and how this has increased awkwardness in our social interactions. In the professional domain, I would suggest that the wholesale delivery of projects from home is another example of where nuanced adjustments in behavior, have begun to manifest. The ‘projects’ focus in early March 2020 was characterized by a ‘can do’ attitude. There was a scramble to do things like source extra laptops, reinforce home cyber security and think through productivity monitoring. And although this was a little bumpy, nothing felt beyond the wit of common sense and determination. Without time to think or complain, we transitioned into a fully remote way of working. It was late Autumn though when one of our clients started to talk to us about nuanced behaviors within their larger project teams and follow-up conversations with our broader client base confirmed that these observations were indeed more widespread; this triggered us looking into the matter further. No surprise but the elephant in the room turned out to be that we were no longer working in close physical proximity to each other....
November 10, 2020
The flexible services offering will become a practice group sitting alongside the firm's traditional service lines ...