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Ace Law gains speed with Henchman as demanded by their new approach to pricing

As a Boutique law firm, contracts are the business cards of Ace Law. With the help of henchman they create a single Ace Law style throughout the team.

Specialised in corporate and financial matters

8 employees

Established in 2020

Moving away from the billable hour

Ace Law consists of a group of experienced lawyers who want to cater to the evolving legal landscape. One driver is the client's increased demand for transparency and comfort about the final bill. "Clients want to make sure that the meter won't start running as soon as you pick up the phone. Instead, they want you to act as a trusted advisor" says Olivier Cockx who is an Attorney at Ace Law. Ace Law recognizes that a new approach to pricing is more appropriate for this modern age. It has thus moved away from the billable hour towards fixed project fees. This pricing model reflects the value of the work provided to the client and their business, rather than the hours spent. "It forces us to become efficient and to focus on adding value to the client".

Technology is helping to change

In order to really rethink the billable hour, efficiency must be increased, and the adoption of technology is the key to the success. "Because we are all experienced lawyers, our time is valuable and we need to become very efficient." Digitalization can help to get the most out of employees’ talents and meet the demands of clients.

Henchman helps us gain a lot of speed and efficiency. That's what we're all about here at Ace Law.

Olivier Cockx
Ace Law

Ace Law's digital journey

Ace Law has already taken various steps to become more digital. Today, they've centralized all contracts into a single source of truth. All client information is captured in a CRM tool, from where they can also do invoicing. Ace Law strongly believes in everything electronic - from electronic signing and closing to online meetings and more. Lastly, they have a transaction tool to specifically streamline the M&A process for all the parties involved.

The importance of shared knowledge

"Your drafting is your business card that you deliver each time you are doing a deal." There is a need to provide the best and most tailor-made solution for each client and type of transaction. For that, lawyers rely on past experience and existing knowledge. "In our business model, we want to share that knowledge as much as possible, rather than protecting it from each other." The need for an exhaustive database that is easily accessible to all employees is paramount in order to ensure the quality of all contracts.

Consistent writing and speedy searches

Next to being able to tap into that shared knowledge, Ace Law sees two more challenges during contract drafting where there is a lot of efficiencies to be gained. Firstly, it is the ability to maintain the same quality and style across all documents delivered. How do you filter out those personal styles and put 'Ace' documents out there? Secondly, when working out a tailor-made solution, lawyers tend to lose a lot of time searching for inspiration. "Opening dozens of folders and scrolling through documents is a very time-consuming task."

How Henchman is helping Ace Law

Henchman is a Word plug-in that will filter through your database on a clause level and present you with a clear overview of the relevant clauses that might serve as inspiration for the specific transaction at hand. "It helps us to gain a lot of speed, and efficiency is all that we're about here at Ace Law." When looking for a contract drafting solution in the market, Ace Law encountered know-how management tools or contract automation tools. After uploading contracts and setting up some parameters, these solutions will typically generate a draft for you. "But for complex transactions, a real contract drafting tool should provide you with more of that inspiration, rather than generating a first general draft."

Taking the legal world by storm

Going forward, Ace Law wants to continue to create added value for their clients by building on their principles of efficiency and quality of their services. Basically, "taking the legal word by storm", as summarized by Olivier Cockx.

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