Client requirement
Our client was looking to sell one of their businesses to a major customer. Our client didn’t have any in-house legal team of their own, so we built them a temporary team to come in and do all the heavy lifting internally for the transaction, including:
- finalising material contracts
- collating due diligence material
- assisting with restructuring of the business for the transaction
- preparation and negotiation of transaction documents
- corporate advisory work
- finalisation and completion
Dovetail Solution
Dovetail provided a team of lawyers for the transaction, including a senior corporate lawyer to initially lead the legal elements of the transaction and then a second senior in-house commercial lawyer was brought in to support the later stage of the project and closing.
Outcome
Our client’s traditional external law firm originally quoted for the entire job, but their quote was so high that the CFO reached out to Dovetail. In cost terms, our client was able to successfully complete the entire $20m+ transaction from start to finish with the Dovetail Lawyers for about a third of the cost originally quoted by their external law firm.
Cost comparison to traditional providers
|
Dovetail |
Traditional law firm |
|
|
Range of daily rates for lawyers |
$1,375 to $1,600 | $3K+ |
|
Hourly rates |
$375 |
$450 to $800+ |
| Total cost for the project |
Delivered for $150K with the added advantage of having the lawyers sitting inside the client’s operations for the entire process to improve overall efficiency for the Client. |
Quoted at $450K+ |
|
Client saving |
66% saving |
Cost comparison to traditional providers
Range of daily rates for lawyers
Dovetail: $1,375 to $1,600
Traditional law firm secondee: $3k+
Hourly rates
Dovetail: $375
Traditional law firm secondee: $450 to $800+
Total cost for the project
Dovetail: Delivered for $150K with the added advantage of having the lawyers sitting inside the client’s operations for the entire process to improve overall efficiency for the Client.
Traditional law firm secondee: Quoted at $450K+
Client saving
Dovetail: 66% saving
Traditional law firm secondee: —