A global financial services group with an integrated network spanning over 30 countries and regions. The group connects markets in the East and West, servicing the needs of individuals, institutions, corporates and governments through its three business divisions: Retail, Wholesale (Global Markets and Investment Banking) and Investment Management.
The clients internal legal team had a requirement to negotiate ISDA, CSA, GMRA, GMSLA and Regulatory Reporting agreements with their clients. This was a repetitive and cumbersome task for the client. Prior to Condor’s solution, the company used spreadsheets and a high cost local team who needed access to specialist legal advice for managing certain queries, the cost of which is significantly higher when purchased individually.
Working with the wider legal team Condor developed an alternative ‘wrapped solution’ that combines technology, an offshore project resource team in South Africa and legal oversight from Fieldfisher in London.
- Condor embedded the technology element with the company as part of the engagement. This technology provides department wide (i.e. not just Condor related) monthly management reporting to the company’s Legal Executive Committee. Embedding technology into a client’s own systems presents a variety of challenges and Condor has successfully passed internal audits from both operational and IT security perspectives.
- Condor manages the company’s playbook as a living document, keeping it continually updated and tracking all negotiations, which can take upwards of 6 months to negotiate with counterparties.
- On average, across all negotiations, Condor’s pricing is very competitive on a per negotiation basis for the company and the ‘wrapped solution’ delivers quality improvements, cost savings and greater access to management information and reporting.
- Condor uses Fieldfisher in London to cover off any queries, with legal oversight provided by Edward Miller, a Partner in Fieldfisher’s Financial Markets and Products team.
The company swiftly decommissioned its spreadsheets in favour of Condor’s technology and its legal team is thoroughly satisfied with Condor’s ‘wrapped solution’, its service and especially the lower cost.
