Development of specialist CP management capability
Closing a banking or corporate transaction typically requires satisfying conditions precedent or CPs. This can range from getting a few confirmations, to co-ordinating the signing of hundreds or even thousands of documents. If it is not managed well, it can have a major impact on the effort and cost required to close a deal. In a busy closing, small teams working through the night can also miss things, creating more inefficiencies as subsequent tidy-up work is required.
Working with senior lawyers, our Hubs developed a CP management capability, based on 11 sub-processes, each with carefully mapped steps and guidance notes that are continually refined as best practice improves. We have trained a team of specialists in the Hub extensively against this process, and after a six month pilot period, this team is available to support any transactional team across our global network. By continually revisiting the process, we have seen steady efficiency gains.