One of the nation’s top FinTech lenders had a long-term goal of building an exceptional procurement team from the ground up. The suitable FTE candidates needed solid financial industry experience dealing with many agreements, including but not limited to various inbound vendor agreements, plus data privacy know-how. But, with an explosion of commercial procurement overflow work and finding spot-on talent taking an average of 6 to 9 months, the hiring procurement leader also needed the right short-term solution. The client’s stated expectations were for attorneys with short ramp-up time, who were independent-minded and could work without relying on templates in a fast-paced environment.
After carefully listening to the client’s needs and understanding both their short-term and long-term needs and time being of the essence, Paragon assembled a three-team solution with an outstanding procurement lawyer with financial and FinTech industry know-how as lead, plus two highly skilled procurement professionals skilled in negotiating a variety of agreements, including in-bound vendor agreements and data privacy agreements. The Paragon team approach afforded the client the 6-9-month breathing room needed to attack the heavy backlog of work and find permanent hires. The client could peel off Paragon’s flexible support as it found the right talent to plug in. The Paragon solution was such a strong fit that the client converted the Paragon Procurement Lead with industry experience as one of the FTEs.
Despite their senior-level, past law firm, and in-house transactional experience with privacy know-how, the client secured three attorneys needed from Paragon at a combined hourly rate of only $615 per hour. Given that in 2022, the average billable rate for a single commercial transaction partner at a law firm with niche financial experience topped $700, this was a staggering cost saving over the nine-month engagement.
The client could also leverage the Paragon attorney team flexibly for nine months, providing outstanding feedback for the strong talent fit, the lift provided to their commercial team, lasting process improvements, enormous cost savings, and new permanent additions to their team. Indeed, it is a win/win flexible, cost-effective solution with lasting impact.
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