UK: Wragge & Co Files Patent Application for Transaction Management Tool To Deliver Client Certainty
Last Updated: 2 March 2004

Wragge & Co LLP partners are believed to be the first law firm in the world to successfully file a US patent application for an innovative quotation and transaction management tool. MIDAS, which was developed by financial controller Glyn Morris and head of strategic development Derek Southall, allows the firm to scientifically cost and manage any case or transaction using historical data. According to senior partner Quentin Poole, the tool gives the firm ‘an overwhelming and unique competitive advantage which is appealing to major corporates’.

MIDAS has three distinct functions; quoting, scoping and management. The quoting function allows the fee earner to obtain critical information on all the key financial drivers based on historical matters. This has already proved useful in the firm’s litigation cases where multiple outcomes can be predicted. Using the scoping function, MIDAS will automatically structure the team. The management module allows the transaction to be scientifically managed against budget ensuring that clients have absolute certainty in fee quotes.

Many of Wragge & Co’s 551 fee earners have been using MIDAS since it was launched internally in 2003 after a nine month pilot. There is a simple five stage process, which can be completed by a secretary or paralegal, and a report is available within minutes.

Quentin Poole said: "Since its launch in Wragge & Co it has already delivered an overwhelming and unique competitive advantage. In a market where supply exceeds the demand for legal services, price competition will be a key determinant in shaping our future. That level of transparency and service excellence is appealing to major corporates."

Glyn Morris said: "MIDAS meets the client demands for fixed and lower fees while ensuring we don’t get caught out by uncontrolled costs and changes in the scope of a job. It provides clients with certainty on fees and the firm with unparalleled control over transaction revenues over the complete life cycle of any case or transaction. For our clients there are ‘no surprises’ at the point of billing while WIP is measured on a regular basis against a realistic estimate. It’s all about satisfying clients and this programme is so innovative that we filed a US patent."

Derek Southall said: "Midas is a superb example of how the smart use of technology can deliver real benefits to a law firm. Third parties have already shown interest in the patent. It has huge potential."

David Barron, the IP partner who advised on the patent application, said: "Our protection of MIDAS is a natural extension of the patent work we are doing in the financial services sector for our own clients, which include several of the world's largest financial institutions."


This press release may contain information of general interest about current legal issues, but does not give legal advice.

Wragge & Co LLP is a major UK law firm providing a full range of legal services to businesses worldwide. Our client base includes over 30 FTSE 100 companies – such as BP, BT, GlaxoSmithKline, Marks & Spencer, HSBC, Lloyds TSB, 3i (panel), Smiths Group – and some of the world’s largest and most successful organisations – H.J. Heinz, RMC Group (panel), British Airways, Cap Gemini Ernst & Young, Powergen, McDonald’s, Enterprise Inns, BUPA, RHM, William Hill, Castlemore Securities and ProLogis Developments. Around 25% of our work is international and we have an association with leading independent German law firm Graf von Westphalen Bappert & Modest.

Wragge & Co’s core work areas are corporate, real estate, human resources, dispute resolution, finance projects and technology. Many of our teams are acknowledged to be among the best in the UK - Intellectual Property, Employment, Private Equity, Outsourcing, Real Estate, EU and Competition, E-Marketing, Pensions and Construction.

As the UK’s largest law firm with a main base outside London, we operate on a lower cost base than almost any corporate firm with equivalent strength, depth or resource. With 1021 people including 116 partners (1st January 2004) we have the resource to handle the largest transactions and many of our lawyers are the UK’s top experts in their fields. We are the largest professional firm in Birmingham, a major employer and exporter of legal services outside the region.

Wragge & Co is renowned for its outstanding quality and client service, people culture and leading edge technology:

  • Wragge & Co is 13th in the Financial Times 50 Best Workplaces in the UK and 34th on The Sunday Times 100 Best Companies to Work For.
  • Wragge & Co is the largest UK law firm to achieve quality standard ISO 9001:2000.
  • Wragge & Co has been awarded Best Use of IT by National Firm and IT Team of the Year.
  • Legal Business awarded Wragge & Co Employment Team of the Year 2004.

Our pro-bono and community activity is based on support in five areas; free legal advice, homelessness, education & mentoring, inner city projects and charity support. Wragge & Co people have voted Fireside, a Birmingham based organisation supporting the city's homeless, to be the firm's principal charity for 2003/04.

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