Globally some $70 trillion will be spent on infrastructure investments in the coming decade. But the major projects that drive much of this investment have a terrible track record. For example, research by Oxford University suggests one in six major IT projects overrun their budget by an average of 200%, with a timetable overrun of almost 70%.
We believe lawyers have a key role to play in improving this alarming position, but our experience of working on many of the world's largest and most complex programmes suggests it will take a completely new approach to legal advice. The uncertainties and risks inherent in major projects, and the requirement to drive behavioural change as well as deliver cutting-edge technical solutions, mean lawyers cannot focus only on reviewing contracts and placing blame, but should concentrate on delivering successful operational outcomes. Instead, they need to think 'right-to-left', where 'right' equals a pre-defined success point.
Our Transformational Projects Group has exceptional experience of helping those involved in major projects to achieve successful outcomes. We are currently involved in programmes with a combined value of nearly €40billion.
We draw on our experience to define the new ways of working we believe are required to successfully deliver major projects. Our success using these new approaches, and overwhelming positive feedback from clients, suggests they are extremely effective.
So, if you are involved in a transformational project, we would be happy to explain why introducing our approach is long-overdue.