Firm to monitor lawyers' hours and focus on key clients in 2011-12

Olswang has drawn up a roster of core clients for the year ahead as the firm brings in new measures to better monitor the time its lawyers spend working on each account.

As part of its 2011-12 strategy plan, the law firm has identified 20 key clients to focus extra resources on over the coming year, including ITV, the BBC, Microsoft, Legal & General, Lloyds Bank and Nationwide.

The value-added services on offer will include more secondees, training for in-house counsel and knowledge management services.

The firm has also introduced new IT software to better analyse the number of hours – both chargeable and non-chargeable – its lawyers spend working for each of the firm's clients to ensure that time spent and corresponding work levels are better matched.

External training will also be provided for associates and partners in an effort to develop their pricing skills.

The move comes after Olswang rolled out an alternative pricing menu in May last year in an attempt to move away from hourly rates where possible. The eight options made available included agreed daily rates, agreed provision of value-added services and fixed annual retainers for all work.

Olswang chief executive David Stewart (pictured) said: "We are going to be more focused on ensuring we are better at capturing the time spent on clients to make sure that we are allotting the right amount of both chargeable and non-chargeable hours to each in accordance with work levels.

"In addition, we will continue to work more closely with key clients, where we invest the majority of our value-added services, in order to grow and cement our relationships, alongside a further group in our core sectors that we have selected to work with over the next two to three years."