Pinsent-Masons-Adaptive-Insights PUBLISHED CASE STUDY
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Following a merger that increased its size, Pinsent Masons needed to consolidate its financial systems to gain a full view of its global operations. Implementing Adaptive Insights' planning software allowed Pinsent Masons to drill down into financial data by practice group, office, and currency. This provided accurate reporting and analysis capabilities. As a result, the finance team transformed from scorekeepers focused on monthly closes to strategic business advisors providing insights to guide long-term investments and growth.
Pinsent-Masons-Adaptive-Insights PUBLISHED CASE STUDY
- 1. Customer Success Story Pinsent Masons Finance Team Transforms from Scorekeepers to Strategic Business Advisors Global law firm integrates acquisitions, gains 360° view of worldwide operations with Adaptive “With the time savings, ease of analysis, and the scale of consolidation achieved using Adaptive, we’ve gone from scorekeepers to strategic business advisors.” – Andrew Brett, Financial Accounting Manager Following a merger that increased Pinsent Mason’s size by one third, the now larger law firm had a number of different financial systems—including two general ledger and practice management systems—that needed to be consolidated within months to see its finances as a whole. The global firm is made up of many different practice groups, offices, countries and currencies, and began seeking a solution that would accomplish the following: • Drill down capability into the numbers for each practice group, office, and division • Collaboration on financial data in local languages and currencies • Understanding the overall top line and multi-dimensional view of the business Failing to have this in place quickly could have resulted in potential regulatory non-compliance, lost revenues, and losing many of the benefits of the merger. As Andrew Brett, Financial Accounting Manager for Pinsent Masons revealed, “By working with Adaptive Insights’ UK partner, Clear Plan, and seeing how Adaptive Planning could perform for our law firm, we were completely confident that the software would work for us—and it did!” Copyright ©2015 Adaptive Insights. All rights reserved. All products and services referenced herein are either trademarks or registered trademarks of their respective companies. CS_Pinsent_Masons_022715 Pinsent Masons Law Industry UK Pinsent Masons is a UK headquartered law firm with global operations. It has annual revenue in excess of £320 million and more than 2,500 employees worldwide. Its clients include some of the most significant players in the global energy, infrastructure, financial services and advanced manufacturing and technology sectors.
- 2. Corporate Headquarters 3350 W. Bayshore Road, Suite 200 Palo Alto, CA 94303 T: +1 800 303 6346 F: +1 650 528 7501 UK / Ireland Headquarters 88 Wood Street London, EC2V 7RS, UK T: +44 0 208 528 1767 Australia Headquarters Level 1, 7 Clunies Ross Court Eight Mile Plains, QLD 4113, Australia T: +61 7 3118 5013 F: +61 7 3041 6020 adaptiveinsights.com adaptiveinsights.co.uk info@adaptiveinsights.com sales@adaptiveinsights.com press@adaptiveinsights.com support@adaptiveinsights.com Customer Success Story Understanding the business as a total sum of its parts Prior to Adaptive Planning, 90 percent of the finance team’s time was consumed with finding numbers for the monthly close. This often took up to 15 days before they were happy with the final data. “Now, within a day we can see the numbers, and within two or three we can run reports and start analysis without errors or discrepancies,” said Brett. What’s more, with previous systems it was difficult to incorporate data that was in different databases or different geographies which compromised the accuracy of the data. Pinsent Masons also was able to identify inaccuracies in its general ledger postings that were invisible prior to Adaptive. “With Adaptive, all the data across separate accounting systems and geographies is integrated seamlessly,” added Brett. The finance team becomes more than the scorekeeper The increased productivity now enables Brett and his team to focus on new initiatives in cash flow and balance sheet forecasting to guide longer term investments in IT, real estate, and personnel, projects they simply didn’t have the time to accomplish before. “Now, we can advise on investment decisions, forecast and, indeed, reforecast if need be, providing valuable insights that can help grow the business, rather than simply reflect on it,” said Brett. “Partners and the Executive Board increasingly want information more quickly and more accurate, particularly as we plan to expand into other territories. With Adaptive, this is what we can now deliver.” “With Adaptive Planning, our time to month-end close has more than halved and we’re miles ahead in terms of the quality of information at our fingertips, and its accuracy. For anyone thinking about using Adaptive Planning, my advice would be to take the leap!” — Andrew Brett, Financial Accounting Manager