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A number of staff at a top-tier law firm will be axed following the loss of a major client.
Global law firm Dentons said it was “inevitable” that a number of its staff would be made redundant after it lost ING Australia’s mortgaging business to MSA National, a firm specialising in the mortgage sector.
“We are currently holding meetings with our impacted staff and are looking to redeploy people within the firm where possible.
“No decisions have yet been finalised on redundancies, but regrettably, a number are inevitable,” the firm told HR Leader’s sister brand, Lawyers Weekly.
Lawyers Weekly understands ING was one of the firm’s biggest clients, with sources claiming it was worth more than $15 million annually.
Dentons said it would continue to provide “other services” to the bank both domestically and globally.
ING moved its business to MSA National at the end of April.
The national firm holds itself as a “trailblazer” in the digital space, having launched Australia’s first electronic signing solution, DigiDocs, which promises documents “within seconds”.
MSA National CEO and managing director Sam Makhoul said the firm was excited to partner with ING “in this long-term, exclusive partnership”.
“We achieve so much more with lenders, who go exclusive with us, and together we can really set the benchmark in the industry,” Makhoul told The Adviser, HR Leader’s sister brand.
Makhoul said its automation for document preparation was a “game changer for ING and brokers”.
He added that many brokers were familiar with settlement coordinators and knew MSA National’s operating model well, meaning ING would be able to “leverage that relationship”.
“Culturally, [ING Australia and MSA National] are very aligned … they are extremely humble. They’re competent, but casual about it, and we’re similar to that as well,” Makhoul said.
“They have growth aspirations, and we want to help them on that journey. So we feel honoured that they’ve chosen us to partner with them for that growth.”
ING Australia’s national sales manager for brokers, Sergio Delvescovo, told The Adviser the partnership would provide customers with “enhanced visibility and efficiency” and updates “at every step of the way”.
“By working with MSA National, we can dramatically improve the settlements process,” Delvescovo said.
“With almost instant loan document issuance, real-time tracking, direct access to dedicated legal support and streamlined digital workflows, all resulting in a better experience for brokers and their customers.”
According to its website, MSA National works with a number of Australia’s major banks, including Westpac, Macquarie, and AMP.
Last June, AMP Bank’s group executive Sean O’Malley said the partnership would “transform our loan origination process and equip brokers with a market-leading home loan experience”.
Dentons said its banking and finance team would continue to be a robust part of its business.
“Our commitment to investment in technology to deliver best-in-breed services across banking, finance and indeed all industry sectors serviced by the firm, remains a top priority,” the firm added.
