Diligence - how to prepare for your scoping call

Research the company, the stakeholders, and the matter

Diligence should be taken to research the areas below prior to the scoping call: 

1. The Company
2. The Stakeholders 
3. The Matter 

• A good starting point for researching the company includes the company website, business press (e.g. Financial Times), and ideally broker reports or investor relations calls. 
• The above will give you a high-level overview of what issues are top of mind for your client. Focus on items related to company strategy, recent financial performance, and competitors.
• Find out what your colleagues know about the client:  consult with members of your firm, the Lex Mundi Business Development team, and lawyers at other Lex Mundi Member Firms.
• Seek to understand the history of your firm's relationship to the client, what work your firm has been doing, and what the outcomes were.

• Research the person with whom you are having the scoping conversation. What is their role within the company? (e.g.  areas of responsibility, reporting relationships above and below.)
• What is their background? (e.g. how long with the company, previous experience...)
• Who are the other key project stakeholders, both within the legal function and in other areas?
• What is their interest in how the matter will be handled? (e.g.  Are there different attitudes towards cost management, dispute resolution strategy, negotiations, or overall risk appetite etc...)

• Matter diligence is the most valuable time you can spend before the scoping dialogue.
• Your goal is to anticipate as best as possible 1. the client's business objectives for the legal advice, 2. critical path for the client to achieve the desired business outcome, and 3. the main pitfalls to a successful outcome. 
• Three common types of pitfalls that clients may encounter are related to the legal advice itself, commercial aspects related to the advice, or the management of legal service.
• Examples of pitfalls include:
  • Legal - legal or regulatory challenges to a deal or dispute from other parties or governmental authorities.
  • Commercial - motives and cooperation of other parties and stakeholders when it comes to terms of agreements or implementation.
  • Service - the capabilities of your firm (and partner firms) in terms of availability of expertise, ability to meet deadlines, or ability to coordinate service (managing workstreams, uniform engagement terms, joined-up invoicing etc).
• Ways of performing matter diligence may include:
  • Identifying previous matters for the client and/or similar matters for other clients to benchmark milestones and likely outcomes.
  • Consulting with colleagues (including in other member firms) about their relevant knowledge and experience.
  • Reaching out to help clients willing to share experience about what has worked well and not well for them in similar situations.