Canadian Lawyer Inhouse Magazine recognizes the transformative impact of Exigent’s partnership with leading law firm McCarthy Tétrault in delivering cost efficient, time-saving and data-driven contract management support to the Toronto-Dominion Bank
Toronto, Canada – Leading alternative legal service provider Exigent won a Canadian Lawyer InHouse Innovatio Award for its contract management solution and resourcing model in partnership with Canadian law firm McCarthy Tétrault. The accolade celebrates Exigent’s approach to delivering a contract management solution to the Toronto-Dominion Bank, a major Canadian bank that has grown to become one of the top ten banks in the United States, too.
Outsourcing their contract management to the joint delivery model of Exigent and McCarthy Tétrault, TD Bank saved 30 per cent on costs and reduced their turnaround time from an average of a 10 to four day turnaround time to a one to two day turnaround time. Most importantly, Exigent’s delivery model enables TD Bank to free up valuable internal resources for higher risk, strategic matters.
Exigent’s CEO, David Holme, commented: “Cost savings are great. Speed of delivery, amazing. But the real innovation is in TD Bank’s openness to a new model, one that doesn’t discriminate between law firms or Alternative Legal Providers, but that focuses on data to decide what is the best option for efficiency, risk management and bottom line results.”
Collaborating to win in the category of “working with external counsel in a large department”, Exigent helps TD Bank’s legal team manage the workload created by more than 1000 medium-risk-rated procurement contracts every year. Analyzing three years of data to generate an estimate of contract volume, type of work and legal time spent, TD realized 75 percent of their lawyers’ time was spent dealing with high-risk contract matters. However, this high-risk work only constituted 20 percent of the lawyers’ contract volume. As a result, lawyers had only 25 percent of their time to manage the remaining 80 percent of their contract volume, consisting of medium-risk contracts. This mismatch meant the legal team was overloaded and stressed, dealing with too much routine legal work and not enough time to deal with the more critical business aspects of their contracts.
Exigent and McCarthy Tétrault designed a delivery model that includes contract management technology, legal expertise, and resource optimization measures to support TD Bank’s team in a seamless and integrated way. Exigent’s Director for Global Client Innovation, Rico Burnett and McCarthy’s national innovation leader, Matt Peters, worked alongside Charles McGarragher, Vice President Legal at TD Bank, to leverage data and roll out a solution that would deliver on efficiency, accuracy, and speed.
Exigent’s CEO, David Holme, concludes: “The Innovatio Awards are showing us that smart in-house departments are already thinking about themselves as business units. They also demonstrate the central role data plays in any truly transformational project.”
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Exigent is a global alternative legal services provider operating at the intersection of law, business, and technology. With a worldwide team of over 400 attorneys, business analysts, developers, and consultants, Exigent is transforming the way legal services are offered by applying analytical thinking, smart use of technology and inventive talent, to deliver answers that impact every aspect of business performance.
Exigent’s contract management solutions and business analytical tools help the C-suite, In-house Counsels and law firms to reduce risk, improve compliance and drive process and cost efficiencies.
International clients trust Exigent’s powerful combination of technology, consulting, and legal services in the US, Canada, UK, Australia and South Africa. Cross-cultural and inherently borderless, Exigent has eight offices around the world, with three operating centers in Bangalore, Cape Town, and Perth. For information about Exigent visit www.exigent-group.com