Chris Grant has taken his love of innovation from Barclays to HSBC as head of legal market engagement. In 2023, Grant went about fundamentally setting the foundations for the way HSBC engaged with external suppliers. He completely overhauled the tender process, launching the business’s first ALSP panel. From this point on the bank has axed panel reviews.
Grant also persuaded the business to move to effective fee arrangement only in order to allow more innovative pitches. His wider aim was to alter the client-law firm relationship by killing the hourly rate and rewarding those that align with the way they are working.
With AI incoming, Grant is certain that the focus on cost isn’t going away any time soon. 2024 will be about embedding new changes, such as putting firms on new contracts. He also hopes to harness the power of technology in some law firms to drive collaboration.