Travers rolls out new measures to combat 'one-stop shop' rivals
Travers Smith is tightening its relationships with overseas law firms via a number of measures designed to replicate the service of 'one-stop shop' global rivals. The City law firm is aiming to present an integrated service to clients including the use of single engagement letters, cross-adviser pricing structures including arrangements such as abort fees and even agreeing to cover cross-border instructions under one insurance policy, which would see any liability fall on Travers' insurance cover.
August 04, 2010 at 08:56 PM
2 minute read
Travers Smith is tightening its relationships with overseas law firms via a number of measures designed to replicate the service of 'one-stop shop' global rivals.
The City law firm is aiming to present an integrated service to clients including the use of single engagement letters, cross-adviser pricing structures including arrangements such as abort fees and even agreeing to cover cross-border instructions under one insurance policy, which would see any liability fall on Travers' insurance cover.
The arrangements were worked out earlier this year and have already been used in a number of transactions.
Other measures for strengthening ties with international firms include junior partner secondments and joint partner training sessions and seminars. Last October Travers invited associates from each of its main overseas relationship firms to London for the first time to take part in a series of workshops and training sessions.
Travers works with a number of firms across multiple jurisdictions. Firms that the UK top 50 practice has worked with historically include Garrigues and Gomez-Acebo & Pombo in Spain; Gianni Origoni Grippo & Partners and NCTM in Italy; and Gide Loyrette Nouel in France.
Travers senior partner Chris Carroll (pictured) commented: "While we operate a single-site model it is important for clients to make sure the service they receive across all the firms we use in different jurisdictions is as streamlined as possible."
He added: "We are pushing forward to replicate a one-stop shop for the right kind of transactions, including the use of one letter of engagement, one abort fee and one insurance policy. It works well on large pan-European transactions and we are getting positive feedback."
Former managing partner Carroll took on the role of senior partner last month (1 July), replacing incumbent Alasdair Douglas.
As senior partner, Carroll was charged with taking responsibility for the 63-partner firm's international strategy and developing relationships with overseas firms, having in the past formed a number of relationships with European referral partners.
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