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Foreign Exchange | Case Studies

Law firm customer success story: Always look into the future

Hogan Lovells is a leading global legal business providing innovative, commercial legal advice and high-quality service across an exceptional breadth of practices to market-leading clients around the world.

Efficiency savings
Efficiency savings with future payments.

Challenge
Market movements created uncertainty around costs  

Solution
Future Payments to fix exchange rates on an invoice level

Result
80 hours efficiency savings per year


The Challenge: Uncertainty of costs created complexity 

Hogan Lovells is a leading global legal business providing innovative, commercial legal advice and high-quality service across an exceptional breadth of practices to market-leading clients around the world.

Hogan Lovells has more than 5000 people, including over 800 partners, operating in over 47 offices in 25 countries globally.

Hogan Lovells’ UK Finance operation makes in the region of 600 international ‘exotic’ currency payments per annum with a FX value totaling approximately GBP 2.5m. These payments are made on behalf of clients and are billed to those clients in GBP, EUR & USD.

Due to the time period between receipt of disbursement invoices and their due date, exchange rates could vary significantly from the original cost. This created uncertainty for Hogan Lovells around costs and the subsequent need to make adjustments for any gains or losses.


"Hogan Lovells can now fix FX rates on invoices for up to six months, eliminating the need to post a loss or gain or input invoices twice."
-- Chris Harp, Senior Finance Operations Manager, Hogan Lovells



The Solution: Cost certainty with Future Payments

Our Future Payments solution allows the convenience of fixing FX rates for individual invoices at the point of receipt, locking in the rate for up to 6 months, then allowing release of the payment at the click of a button. This gives certainty at the point of billing and eliminates the need to absorb costs due to FX rate fluctuations.

This service provides Hogan Lovells with visibility, certainty and efficiency in their payment processes and simplifies billing. It also allows for total transparency of costs with the client.

Bank details can also be confirmed upfront when the deal is approved. This avoids delays on the due date as any queries can be flagged and resolved well before settlement.

The Results: 80 hours efficiency savings a year

Chris Harp, Senior Finance Operations Manager, Hogan Lovells, explains, ‘’Hogan Lovells have been benefitting from the Future Payments service from Western Union Business Solutions for the past three years.

Since implementing this solution we have been able to put in place a much improved process for managing our international payments with certainty that the rate we set we will be able to secure when the invoice is due.

This delivers 80 hours efficiency savings a year as payments are released at the click of a button without the need to post a loss or gain and input them twice.

In addition, we also find that the service we receive from the team at Western Union Business Solutions is excellent. They understand our needs and take on board our feedback and requirements.

The relationship is a real partnership as Western Union Business Solutions are genuinely interested in helping us grow our firm and deliver our strategy.”


“This delivers 80 hours efficiency savings a year as payments are released at the click of a button without the need to post a loss or gain and input them twice.”

-- Chris Harp, Senior Finance Operations Manager, Hogan Lovells


Disclaimer: This example is for illustrative purposes only. Your results may vary.