We recognise that chargeable hours do translate to very real fees for very real clients to meet, whatever their size. We believe doing our work properly will lead to a fair fee which is agreed between a client and us and also allows for a client to see that we live up to our promises.
We are very aware of the cost of specialist advice on fraud litigation and financial crime compliance work from national law firms. We believe it can be done for less and without compromising on service and the quality of advice. Our clients think so as well.
Being open, Arun knows the amount he was charged out at as a partner regionally and in London at a national law firm. He knows what his peers charge. He and his team typically charge about a third less measured on hourly rates against national law firms.
We aim to keep our approach to fees for compliance and governance advice simple.
If engaged by your organisation in the UK, we charge a half day rate (4 hours) of £750 plus VAT or a full day rate (8 hours) of £1,250 plus VAT together with our cost of travel or overnight stay. If overseas, it will be slightly more.
We do not charge by the hour. We do not start by insisting on payment to understand what it is you need from us. We often spend time without charging potential clients so we can be sure we can help. For that reason, unless we consider we may be able to help, we do not charge for our time for that first meeting although we may charge for our costs of travel if away from our office location.
If we do not believe we can assist, we will tell you. If we think you are better served by another organisation, could take steps yourself or there is another route to upskill your organisation on this area of compliance, we simply tell you that.
We genuinely want to help those concerned about financial crime. Prevention is better than the cure.
Working this way has proved not only beneficial for clients but for us at Tenet.
We have no individual targets. That is not to say we do not understand how to run a business and the money we need to generate in order to operate this firm. We do not drive our team to focus on how much they can make but to focus on delivering work for clients that gets results. Spending time without worry about writing off extra hours of chargeable time which may not be recoverable in fees from a client used to be a hindrance. Not anymore.
For us, product over profit is central to what we do.