We were appointed as the sole legal adviser to a major UK property owner in relation to the asset management of an estate worth a combined £8.2 billion. Key challenges included the rapid transfer of the existing matters over a single weekend and then identifying opportunities to improve efficiency.
The BCLP Cubed solution
Prior to taking on the matters, our legal project managers prepared a comprehensive handover plan, more medium term transition plans (one for current and new matters and one for knowledge transfer) and a longer term client development plan. These plans covered relationship management, information capture and assimilation, live matter transitioning and new matter on-boarding to ensure we hit the ground running on current work. As soon as we were appointed, we reviewed the transferred documents and precedents over a weekend and, working closely with client's team, identified priorities. We visited key sites, reviewed lease precedents, researched recently completed deals.
From day one, we were working on high profile lettings and a variety of asset management matters. From there, we worked closely with the in-house legal team, their managing agents and other panel firms, including a lawyer from one of the previously appointed law firms who transferred to us. We arranged workshops, progress calls and used bespoke trackers to monitor and drive progress on the deliverables in the agreed transition plans. This enabled us to understand the unique nature of the portfolios, preferred ways of working, the background to certain positions taken.
Once the handover was complete and all matters up and running, we focused on identifying any cost/time efficiencies (reviewing precedents, creating playbooks and streamlining processes). We devised and delivered a bespoke training program for the in-house legal team on key legal topics. We now continuously apply our expertise and market knowledge to the relationship, and collaboratively challenge the current approach in the search for further efficiencies.
The results we delivered
More than two years in and the relationship is growing from strength to strength. We have taken on over 550 matters across the two portfolios and, as a result of our success, we subsequently won the client's commercial construction mandate.