Questions to ask a partner firm
Your first call with a partner firm is the best time to ask direct questions. Fairview connects you with the firm, but the engagement is between you and the firm. These questions help you understand what you are agreeing to. Write the answers down, and ask for anything important in writing.
Scope: what exactly will be reviewed
Start here. A vague scope leads to disappointment later.
- Which vendors, contracts and date ranges will you look at?
- What will you leave out, and why?
- Do you review the contract text, the billing, or both?
- Will you check against the contract only, or also against market rates?
- Who decides whether a finding is worth raising with the vendor?
Good answers are specific and name documents. A firm that says "everything" has not yet read your file.
Fit: have you worked on this kind of cost before
Firms often specialize in a limited set of areas, so check that yours is one of them. Ask which categories the firm covers and whether it handles your type of spend, such as telecom, freight and parcel or lease audit and compliance. Ask whether your business size is one the firm usually works with. There is no fixed cut-off between firm types..
Do not expect a firm to share other clients' names, and do not ask for them. Ask instead how the firm approaches a problem like yours.
Data: what do you need from us
- Which documents do you need first?
- In what format do you want them?
- How will you store and protect what we send?
- Who will see it, and will anyone outside the firm?
- What happens to our files when the work ends?
Match the answers against the list in the relevant "what to gather" article, such as what to gather before a supplier contract compliance review.
Fees: how and when are you paid
Fee models vary. Some firms in this field charge a share of what is recovered, some charge a fixed or hourly fee, and some use a mix. Which applies to a given firm is for that firm to state. [CONFIRM: a partner firm supplies and approves its fee model]
Ask:
- What is the fee model, and when does any fee become due?
- If something is recovered as a credit and not as cash, how is that treated?
- Is there a fee if the review finds nothing?
- Are there separate costs, such as expenses?
- What does the agreement say about ending the work early?
Read contingency fee versus flat fee for the trade-offs of each model. Fairview does not set or review fees.
Process: what happens next
Ask the firm to walk you through its steps in order. A typical process covers discussing the terms, gathering data, presenting findings, agreeing how to approach the vendor or landlord, and then correcting any non-compliance. Ask where you are expected to take part. Ask how often you will get updates, and who your contact is.
Warning: Do not agree to contact a vendor yourself about suspected overcharges until the firm has told you how it wants that handled. An early, uncoordinated call can complicate a later correction.
Results: what can you promise
No reputable firm can promise a result before it has seen your records. Ask what the firm has seen go wrong in similar reviews and what limits recovery. If you hear a guaranteed outcome, ask how it is supported. For a fuller picture, read what a recovery audit can and cannot find.
Legal and tax points
If a finding depends on how a lease clause or a tax rule applies, ask whether the firm gives an opinion or recommends you consult your own counsel or tax adviser. [VERIFY: which services the firm provides itself and which need a licensed professional]
Take a notes template to the call
Divide a page into five headings: scope, data, fees, process and contacts. Fill it in during the call and email it back to the firm for confirmation within a day. This turns a conversation into a record.
When you are ready for a first call, choose a path on the request a professional page.
Tell us what you need reviewed. We match you by hand with an independent partner firm. You keep your existing vendors.Find out what you are overpaying.