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Apparently, a new law firm has stated that they have a ‘revolutionary solution’ which will help reduce the risk of the failure of thousands of construction companies.

The law firm in question, Helix Legal, has apparently partnered with an intelligence company based in Brisbane. It was from there, that they were also able to develop a ‘Security of Payment Platform’ with the aim to, ‘better equip’ subcontractors and construction companies with industry information. This information will then apparently allow them to make more ‘insightful’ decisions.

The firm stated: “the platform aims to assist subcontractors who face financial loss and need help in navigating their way to recovery.”

One of the joint founder’s of the firm also stated that “informed decision making sounds simple.”

“However, in the construction industry completing research and finding information on companies you might be looking to do business with is very challenging and time-consuming.”

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“The Security of Payment Platform has been designed as a cloud-based hub of aggregate data on construction companies.”

“Many subcontractors are unaware of their legal rights or pitfalls of their contract until it’s too late.”

“Our online platform allows subbies to do targeted searches and see easy to digest information about industry players to inform everyday commercial decisions.”

“Ultimately, this will help to avoid bad contracts, gain clout in negotiations, and resolve problems quickly.”

So what do you think? Can this law firm ‘revolutionise’ the industry? Let us know your thoughts in the comments below.

Source: www.lawyersweekly.com

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