Trowers offers PFI partnering scheme to reduce costs
City firm Trowers & Hamlins is aiming to reduce the legal costs of clients involved in private finance initiatives (PFI) by offering a project partnering advice and facilitation service.
By putting together a timetable for all parties involved in a PFI bid, from the competitive stage to the signing of the contract, the firm is hoping to instill complete openness between the parties and set a realistic timeframe while cutting costs.
John Holden-Ross, a PFI partner who brought the idea to Trowers & Hamlins after four years as legal director of Carillion Private Finance, said: 'What project partnering does is get all the parties involved, including the public sector, once a preferred bidder has been chosen, sitting down and considering what their roles and responsibilities are.
It brings clarity to the process and there are incentives written into the agreement to deter parties deviating from the timetable.'
While the main thrust of the service is to reduce costs, Mr Holden-Ross admitted the firm would also benefit from successful partnering.
'We may not make as much money if a project runs to schedule, but it is still appropriate for the time we put in,' he said.
'We can now accurately predict how much time we need to set aside, before quoting a fixed fee.'
Andrew Towler
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