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Addleshaw Goddard’s transaction services team (TST) has grown almost eightfold since it was piloted in November 2010.
The firm has also appointed manager of corporate services Mike Potter to lead the team full-time. Andrew Chamberlain, head of Addleshaws’ employment group and governance board member, retains overall responsibility for the initiative.
The TST team is staffed by paralegals and provides administrative and process support on transaction, litigation and advisory work. It was established to cut clients’ costs (The Lawyer, 7 February).
The team has grown from five staff to approaching 40 since November.
According to Chamberlain, Addleshaws wants to add another 20 staff to the group as the firm unbundles more complex work.
“At the moment the team does document review and due diligence, but we’re starting to unbundle transactional work such as banking deals and take things to the next level,” explained Chamberlain. “The more we develop the team, the more I think it’s potentially a better response to certain issues than LPOs [legal process outsourcers].
“[Clients] don’t want to pay £150 an hour for the process elements of a transaction, but they don’t need to drop to £35 per hour either. We can deliver for between £60 and £90 per hour.”