“It just doesn’t make sense for us to pay the same hourly rates for an NDA to be drafted as we pay for our fund structuring advice.”
“No in-house legal support, regularly need ‘routine’ legal documents, retained law firm far too expensive for these documents.”
Fund management and fund structuring are highly specialised legal areas. There are a limited number of “big law” firms with solid experience. Naturally these lawyers can charge a high rate for their specialist legal know-how. First Bridge operates in a particularly specialised investment space, and it engaged the Hong Kong office of a renowned Wall Street law firm for its fund-related legal issues, to structure the fund and, on an ongoing basis, to draft investment documentation.
Funds, like other businesses, require legal assistance in all areas: setting up companies; protecting their intellectual property; and drafting routine legal agreements such as NDAs. Funds typically use the same law firm for legal assistance as they do for their structuring advice, significantly overspending in the process.
First Bridge’s CEO, Yong Hak Huh, decided in late 2014 to reduce the fund’s legal spend by implementing a dedicated legal solution for its non-funds work. The company wanted a service that would cut down the overall legal cost and provide dedicated client support, without involving hourly-billing lawyers. They initially used a smaller local Hong Kong law firm on a retainer basis but found its service to be poor and its response times of two days or more to be unacceptable. First Bridge had to deal with and draft solutions to many of its legal issues on its own because of the long response time of the law firm.
First Bridge’s December 2014 onboarding with Dragon Law was completed in less than an hour during a call in which a Dragon Law representative gave First Bridge staff a walk-through of the software. First Bridge opted for the Professional plan because of the high level of client support it provides. The Professional edition of the cloud-based document builder has integrated live-chat support, so First Bridge staff are able to create legal documents with ease, in the knowledge that any questions they may have can be answered by the Dragon Law Service Team right there and then. Equally, the Professional plan includes phone support during business hours for customers who prefer a one-to-one conversation. For technical queries and support out of business hours, Dragon Law also gave First Bridge access to the Dragon law knowledge base.
“I was very impressed with the response time of Dragon Law, their ability to answer our questions succinctly, and their enthusiasm about our specific business needs.”
– Yong Hak Huh, Co-Founder, First Bridge
Since signing up with Dragon Law, First Bridge’s staff members are able to select from and create, in-house, over 50 types of legal document. First Bridge staff are very experienced at drafting and reviewing key documents the company uses and have seen immediate time savings now they have a cloud-based tool to produce those documents.
The company’s legal spend (for non-funds work) has been reduced by 70%.
First Bridge staff were able to utilise the Dragon Law document builder to quickly and effectively build an number of key documents, including a Senior Employment Contract, a Shareholder Loan Agreement, a Trade Mark Assignment, and a number of different Directors’ Resolutions. Work that would have taken a law firm significant time and cost to prepare was now being done in-house, and at a time and pace that suited First Bridge.
In addition to the benefits of using the Dragon Law App, First Bridge was able to take advantage of the introductory Trade Marking service offer, as well as a great value Company Incorporation service.
Other benefits First Bridge experience include the DoubleCheck service – an additional check for accuracy and completeness of the documents they created.
As First Bridge intends to continue using Dragon Law to draft legal documents, the savings made by not using a law firm will continue to increase.
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