Good morning, everyone. Welcome to our half year results presentation, and thank you for joining us this morning. I'm joined, as usual, by Chris Stefani, our CFO, and Matthew Doughty, our Chief Growth and Strategy Officer. Just for noting, Matt has moved to that new role, a very exciting new role, and we have appointed Matthew Glenville to be the COO in place of Matthew Doughty. Just to clarify that. We're gonna take you through all the detail of our financial performance in the first half of this financial year and the strategic progress our business has made in this period and talk a little bit about what next. Before I start that, can I quickly explain the process for asking questions when we get to that part of the presentation, which is you'll see the fourth section. There are instructions on how to ask questions on the Lumi platform homepage, which you should be able to see in front of you. You have two options, basically. Either click on the link from the homepage and follow the instructions, or dial into the conference call where you should ask for the DWF meeting, and then an operator will take your details. Either way, you will be added to a queue, which we'll work our way through at the end of the presentation. We are going to try and keep this presentation to 35-40 minutes, which should allow plenty of time for questions. Let's get off and let's get on with it. Moving on to my introduction slide. The next one, please. There are just a few comments I want to make by way of introduction. The first half, the first comment is in relation to the half year. I mean, revenue has grown against a particularly strong prior year. The first half of last year was very good indeed, and in turbulent economic circumstances environment. Direct costs have increased, reflecting the well-publicized salary inflation in the sector. We've mitigated successfully through further progress on cost management. The result is a strong profit contribution, which matches the prior year first half. I just want to mention last, in the last financial year, the first half was the stronger half, because you will recall that in February, March and April, we had a COVID spike, which took a lot of time out of the system, and delivered a 9% increase in earnings per share. Lock-up has increased, but at a lower rate than has been reported in the sector, and we continue to make this an operational priority. So far as the dividend is concerned, as per our policy of paying a third of the prior full year amount, the dividend has increased by 7%. We remain confident in the outlook and have bolstered this confidence with the cost efficiency program that is expected to remove GBP 12 million of cost by the end of the full year 2024. I just want to put that into context. The first phase of our work, when the three of us all started working together, was to restructure out of the business those parts of the business that didn't fit. You probably recall that. The second phase was to make sure we had a proper and effective, optimal operating model. The third phase is to look at central custom to make sure that central services support the production team, the partners, the... Go on to balance sheet. Leverage has increased slightly, albeit given that we've got some M&A costs in here, some transaction-related costs, and also some lock-up stretch, which is actually something we never like to see but is well ahead of what we see as being reported in the sector. We think this is actually a good result and certainly a comfortable level of leverage for us. You can see one of the drivers for that in the lock-up statistics here, a nine-day increase, which is 5%, but that is against a sector increase of about 11%, certainly that's our read of it. Overall EPS is 0.4 P up or 9%, and that supports the increase in our dividend of 7% to 1.6 P. It is a purely mechanical policy that we have, so that represents one third of the full year prior. The balance comes through in the final dividend. That's all I wanted to say on the headlines. If we could move on to the next slide, please, we can see the divisional results. A few things to draw out here. Obviously Legal Advisory still the lion's share of the business, and then you've got Connected and Mindcrest, two businesses that we expect to grow generally at a faster rate than Legal Advisory. You can see that's absolutely true of Connected, and we've stoked up resource in there, seeing a bit of margin dilution, but that will support future growth. Mindcrest has been reorganized over the course of the first half to refocus it on external market opportunities. We're building the pipeline there. We've invested in sales resource; we expect that to start to convert over the course of H2 and into FY24. You've got the largest part of the business, Legal Advisory, 4% growth. The dynamics in there are exactly what you would expect to see in the sort of environment that we're currently in. Very reliable growth in our insurance business, broadly 4%. A flattish performance in corporate, where transactional work certainly has either slowed down or is taking longer to complete. Strong results in real estate, probably mid to high single digits, and then litigation broadly flat because there is generally a bit of a lag between a slowdown in transactional work and then that litigation push that we see when we're into a recessionary environment. Again, that supports our second-half expectations. Pleased with the growth, quite deliberate margin dilution in Connected Services and a degree of cost inflation, but also upfront investment in Legal Advisory, diluting the margin, which we expect to come through more strongly in the second half. As you'll know, there's always a back half weighting to revenues in the sector with about 48/52 split where the costs are more linear and in some cases for us coming down. We will see a stronger margin pull through in H2. If we could go on to the next slide, please. These are familiar, again, to any of those following us. We've now got 3 years' worth of data points showing our longer-term trends, and these are the income statement trends. You can see a very reliable growth trajectory in revenue in the top left of this page. The red line is the reported growth, and then the yellow dots that you see is our organic stroke like for like. We think that's a very important point because clearly there was some material M&A back in FY20. The underlying organic growth rate though is very important given that the market is growing, in our view, around 5%. You can see though that middle yellow dot showing just how strong an organic performance we had in the prior year. Growing off the back of that is something we're actually very pleased with. You can see the gross margin trend, again, an upward line of best fit. You can see that dip in the first half of this year, a combination of the inflationary increases and the investment. You can see also this sort of jaggedy line here. You always get an uptick in the second half of the year, which is what we're expecting, when we add in the next data point to this when we talk to you at the full year. Cost to income ratio, I think I mentioned earlier, this is becoming a very reliable trend. We almost don't need a line of best fit on this graph. We're really pleased with the progress we've made here and the fact that we've got a cost efficiency program that's going to kick in and drive the further progress here means we're actually through our 38% medium-term guidance about halfway through the guidance period. Pleased with that. I'm sure we'll have more to say about that at the full year and what the art of the possible might be on cost to income ratio in the sort of medium to long term. All of that is supporting profitability, slightly diluted in the first half for all the reasons I mentioned, but supported by the cost to income ratio and expecting a strong profit pull through in H2. If we could go to the next slide, please. We then come on to balance sheet dynamics. You can see, top left, reported net debt. Yeah, a steady trend upwards, albeit not not nearly as an upward as steep an upward trend as the actual scale of the business. You can see that on the right-hand side of the page, where the trend on leverage is downwards. That is because we're growing the business, we're growing the profitability, and we've got a steady downward drift expected and implied in our guidance on leverage. Now, there's a little bit of an uptick in H1 because of the lockup stretch and because of some of the one-off outflows related to acquisitions. My expectation is that that will flatten out or indeed have a slight downward tick in the second half of the year and then into FY24. We'll continue to see that steady downward drift that we've talked about a number of times now. You can see one of the contributing factors that's put pressure on leverage, and that is the lockup day increase. We were enjoying a very positive trend here, i.e., a reduction in lock-up days, but the whole sector has seen a stretch. What we've done here, just to give you a sort of indicative view, is we've got that dotted blue line is our view of what our lock-up would be had we followed the sector. We are pleased to be below that trend, but it's something that we will be doubling down on in the second half. My hope is that we can pull in a little bit of that working capital stretch. All that said, you can see at the bottom right, this indicator of balance sheet strength. Clearly, a few years ago, we had quite a few liabilities to be paid down via the COVID deferrals, significant deferred consideration, and also costs relating to restructuring of the business. That's pretty much all gone and materially clean. By the end of this year, we'll again see that down to very close to zero. Next slide, please. This just shows our cash flow trends. I think, what I'm pleased with here is the, you know, strong cash generated from operations, which is that fourth line down. You can see that just before that, the net working capital movement, which is reflected in the lock-up days... Excuse me. I mean, space with automatic lightings. We were saying in rehearsal that just might happen. Sorry. We have strong cash from operations before adjusting items. You can see the bridge there down to free cash flows, which are materially up in prior year. We did have some one-off outflows in the prior year for those COVID deferrals that are now paid down. We've got a not dissimilar level of outflows in FY23 based on M&A and enclosure costs. This is quite a good comparator and shows a strong increase in cash generation of the business. Next slide, please. This just gives a bit of a summary of our cost efficiency program. We're targeting annualized savings of between GBP 10 million and GBP 12 million, and they should be secured into our run rate by the end of FY24, with the majority of the benefit therefore kicking in our FY25 numbers. This really underpins our confidence in our existing guidance and indeed in prospects for further improved profitability from FY25 onwards. The areas we're targeting, there's a little bit of revenue that we will forgo in areas that are non-core and that are not strategically important to us. That will allow us to take out a bit of direct cost, but we'll also very carefully manage attrition and recruitment and capacity and aim to take around about GBP 3 million out of our cost base via that. The balance, and this is why we're so confident when the cost to income ratio comes, supporting the cost to income ratio through the premises strategy, where we're expecting GBP 4 million-GBP 5 million of improvement. Supplier review, where we believe we can take at least GBP 1 million out. Functional initiatives, this is where we're zero-basing all of the functional budgets that support the business via central services, and that's GBP 2 million-GBP 3 million. There'll be a one-off execution cost this year of GBP 3 million to secure that perpetual saving. Next slide, please. This just summarizes what I've already told you and what Nigel has mentioned. We have grown the business in the first half versus a very strong comparator. We've seen gross margin decrease, partly through inflation, partly through investment that we think will pay off in the future, in the second half, and we expect that to support H2 revenues, along with the panel wins that Matt's going to talk about. cost to income ratio. Very pleased with the progress here. The efficiency program will double down on that. I think we'll have more to see in cost to income ratio when we get to the full year. All of that supports a strong profit contribution. We've managed to hold PBT flat despite additional interest costs coming through in the P&L, all of that supports the increase in the interim dividend. We've continued to support our M&A strategy, the Acumension and Whitelaw Twining deals, strategically very important to us, and they will deliver a contribution, a full-year contribution in FY24, and a pro rata contribution this year. Net debt, a level at which we're very comfortable, but increased because of mainly a sector-wide lock-up stretch and a degree of investment in M&A. We do expect that position to stabilize in H2. We may even be able to pull in a couple of those days that we've forgone. That's it, a strong result in what we believe is a very turbulent and dynamic environment, and we're really pleased with the results we've posted. That's it for me, and I will now hand over to Matt. Thanks, Chris. Good morning. It's good to see you all again. I thought I'd spend a few minutes talking to you about two aspects of our growth strategy, the benefits of our defensive business model in the current trading environment, and also a bit about our M&A strategy and where we are on recent M&A. Next slide, please. You've already heard Nigel and Chris mention the current trading environment, and I thought I'd just take a couple of minutes to reinforce the key points of differentiation that we think put us in a really strong position to continue to trade well despite the current backdrop. On the left-hand side, you'll see that I've noted some of the sector trends, reinforced by third-party data from recent surveys by Thomson Reuters and PwC. Chris has already talked about the PwC recent survey, it notes that total staff costs in absolute terms have risen on a like-for-like basis for firms in the 11-25 band, in which we are included, by about 8%. When it comes to utilization, the overarching trend this year is a fall in chargeable hours, particularly with a sort of decline in transactional activity at the moment. Again, we think that we are well-positioned because of our bias towards insurance and litigation work. We don't think we will suffer to the same extent in that regard as Chris has already talked about. Chris has, again, already touched on the lock-up point, I won't reiterate that here. On the right-hand side and in the middle of the slide, I've given you a few of our sort of key stats. You'll see, we think we're pretty well-positioned in what is definitely a dynamic environment. You know, we think we've got a really sustainable business model. The global legal market, we think, is still growing at about 5%. You can see in the middle of the slide, we've got a significant weighting towards insurance work, which is recurring and predictable, and litigation and regulatory work, which is certainly more prevalent in this environment and will become more so over the next 12 months or so. Our integrated delivery model across the three core offerings of Legal Advisory, Connected Services and Mindcrest gives us an advantage in providing holistic solutions at price points that clients find attractive as they look for ways to reduce legal budgets and achieve more with less. I'm pleased to see that our Integrated Legal Management penetration rates are the rate at which we are promoting services from at least two of those three core offerings has increased further since the year end. We're still seeing high growth rates in the market on ALSP services and legal tech consulting. Although we've had a slight backwards movement in terms of revenue in Mindcrest, we have certainly invested heavily there, and we've seen a significant recent uptick in pipeline as we've invested in the Mindcrest sales team. We're continuing to focus on that core client group that we've talked about before, 400 clients representing about 80% of group revenue, and we've certainly got an opportunity to continue to grow our share of purse and also improve pricing. You'll remember that we talked last time about feedback from our Net Promoter Score survey, which suggested that we're seen as value for money by many clients. We've since hired a senior pricing manager for Legal Advisory. We've started to reset or renegotiate rate increases, and the recent panel retenders have given us an opportunity to rebase pricing on some of our largest accounts. The large number of panel wins and retenders in the last six months has really helped us to underpin our quality of earnings. You'll see the point made there. This is just in the last 6 months, remember, 30-plus panel appointments or reappointments, top 10 representing GBP 30 million in annualized revenue, each of those on at least 3 years contract terms. Really nice, predictable recurring revenue just on that bunch of wins in the last 6 months. Finally, just as we've talked about many times, we're obviously a people business. Our culture and values are vital. We strive to put our purpose and our ESG strategy at the heart of what we're doing. You'll see in Nigel's CEO report a number of highlights of the progress that we're making, particularly on social issues. Our investment in enhanced parental leave benefits, recognition for our approach on social issues more generally. We've been named as one of the top 10 employers for working families in the UK, as well as being named for the 3rd time, 3rd year running by The Times as one of the top 50 employers for women. We're also seeing progress against both our gender and ethnicity targets at senior leadership level, increasing to just over 30% for female diversity and 5.7% on ethnic minority representation. On the next slide, please, just simply to reinforce some of the points I've just made really. I'm not gonna dwell on this slide. It demonstrates the strength and depth of resource and focus we bring to helping clients mitigate litigation risk in particular and to support them when it occurs. We're doing that through all three of our core offerings to deliver integrated solutions to clients. Next slide, please. As you know, we've just completed the acquisition of Whitelaw Twining with an EV of about GBP 28 million, payable 50/50 cash and shares, with a long-term lock-up on our usual terms for the share component. Some of the key relevant facts for Whitelaw Twining, founded in the late 70s, opened in Calgary in 2016. There's about 200 people, 16 partners, 155 fee earners, revenue of just over CAD 34 million, 80% in the insurance litigation market. Recent strong growth with a revenue CAGR between 2019 and 2021 of about 13% and really significant client overlap. You look at their top 10, 3 of their top 10 clients are 3 of our top 10 clients. You know, the further down the, the client list you look, you see more and more client overlap. The guys have been in town this week and really hit the ground running in terms of a lot of engagement with a lot of our key clients, and we've had terrific feedback. I think we've got a really strong strategic fit here. I think that's obvious. Gives us a really integrated solution for our insurer clients in Canada, adding to our existing costs, claims and loss adjusting business on both coasts. We're currently referring about CAD one and a half million dollars in legal fees out to the Canadian legal market, which we can start to capture. We can leverage those existing global insurer relationships. I think there's a big growth opportunity for us as we think about rounding out our service lines in Vancouver. We can expand further in Alberta, and we can also establish a presence in Toronto, which I think will certainly be a key area of focus given the importance of that market for the insurers. On M&A more broadly, we also acquired Acumension in the first half, which has added further scale to our UK costs business. Again, with strong client overlaps, especially with the NHS and NFU Mutual. We continue to have a strong pipeline for M&A in 2023. We've got opportunities in both existing and new markets for Legal Advisory and the chance to continue to scale our claims management and loss adjusting business in particular. As Nigel's already said, I think, you know, we will continue to do that on a selective basis, looking for really high-quality add-ons. That's all from me. I'll hand back to Nigel. Thank you. So the final slide, why DWF now? Well, I think we benefit from being global. I think in the world ahead of us, you've either got to be niche or global, and we have chosen global, and that's exactly where we need to be. We benefit from having diversified services through our Integrated Legal Management approach because we can offer a huge number of services to all our clients, geographically, and in a diversified way, which not very many people can do. We are partly counter-cyclical. We're not completely counter-cyclical because we do have corporate and banking and finance. There is no doubt that litigation, insurance, regulatory, and restructuring work, there's lots of it in more difficult times, and we are seeing some benefit from that. We will also benefit from the efficiency program, which I mentioned in my introduction is the third phase of the work that the three of us have been doing, which will see huge benefits not only in cost but in the efficiency by which we can undertake work and get things done. I'm enormously pleased and proud of the client wins that we've had. To get on to or to renew more than 30 client panel appointments in a 12-month period is really good. The quality of those wins and the term of those panel appointments is also very, very impressive. We will continue to build the business through quality M&A. I've mentioned this already. We do not compromise on M&A. Whitelaw Twining is a great example. There is no reason why every other acquisition shouldn't be of the same quality and deliver the same benefits to our business as Whitelaw Twining will do. I'm sure M&A will continue during 2024. Now just need to deal with questions because we can deal with questions now. I mentioned at the beginning that you can get onto, you can ask questions through the app or through dialing in, that James Igoe is monitoring the request for questions, and I think he's now already got some. I'm gonna hand back, well, not hand back, but hand to James, who can select the questions and invite the questioner to ask their question, and we'll do our best to answer it. James. Great. thanks, Nigel. Morning, everybody. The first question, this morning comes from Robert Sanders of Panmure Gordon. Rob, please go ahead. Morning, Robert. Morning, Nigel, Chris, Matt. Two related questions. The share price continues to be way down on IPO. I'm just wondering, first of all, is that having any impact on the partners at the time of the IPO in terms of how they think about DWF? Secondly, with Whitelaw Twining, you paid partly in equity. At this level of valuation, should you be issuing any equity for deals? Thanks. Right. Well, I can deal with the first question very easily. We communicate in a transparent and open way with the partners on a very regular basis, and I've made it very clear to the partners that, in my view, we are undervalued. In my view, we deserve a re-rating, but the market and the economic environment does not allow that to happen at the moment. We hope the market changes, but you guys might have a better idea as to when that will change than I have. We are working hard. We have retained hearts and minds, and I'm pleased to say that partners don't appear to be queuing up to sell. In fact, they never have done, even when we've had partner sell downs. They've never really queued up and sold, anything like the amount of shares. If you remember, 20% of the shares that were awarded at the time of the IPO vest each year. I think we've got a good faithful bunch of internal investors, and that's very encouraging. In relation to Whitelaw Twining, and Matt might also have some comments to make, we've been talking to these people a long time. We believe the benefits of the merger are significant. We share the same cultural values. We share the same vision and strategy. We share the same clients with huge potential to get even more clients. Although you might think there is a slightly dilutory effect, in relation to an acquisition right now, the benefits of doing it, and we couldn't delay it any longer for all sorts of reasons, outweigh any dilutory considerations in our view in this instance. Matt, is there anything you want to add? No, I think you made the right point. Rob, it's a fair challenge. I think we're very cognizant of share price and impact. We will be very selective, both in terms of the M&A, but also we need to give plenty of thought to how we're gonna fund future M&A. Mm. You know, we will continue to assess that on a case-by-case basis. It does take quite a long time, particularly on the Legal Advisory M&A, for these deals to come to fruition. I think, you know, it's something we'll keep under review. We're only ever looking for stuff that is earnings enhancing. There are opportunities to acquire assets at, you know, good prices from where we sit as a buyer. We're cognizant of it, and we'll need to keep that under review. I mean, Robert, just to add one more comment. You know, if you ever do a deal with people that you shouldn't do a deal with, it really is disruptive and eventually you work out that you shouldn't be together, and then you've got to unwind, unbundle the arrangement, and it just takes a lot of time and a lot of cost. That's what we had to do when we first came together, when we restructured certain bits of the business out, and we don't wanna ever go back to that situation, and never will. Is that okay, Robert? Are you- Perfect. Thanks, Nigel, Matt. Right. Okay. James, next one. Yep. The next question comes from, Sam Dindol at Stifel. Morning, Sam. Morning, guys. Hope all is well. 3 questions from me, please. Firstly on Mindcrest, obviously this revenue hasn't really grown too much since you bought it and obviously down in H1, despite the investment in India. What do you think has happened there? Given I thought it was just maybe sort of a key growth area and sort of doing more process work through that. Yeah. When do you actually return to sort of a good level of growth? Secondly on M&A, is there a leverage level where you wouldn't consider doing M&A given the covenants at 1.75x? Now lastly, on pricing, how is your sort of price initiative gone down with your major clients? Do you think the wider industry will have a bit of a problem if they've increased salaries quite materially and then the transaction work comes off in terms of your peers? Thanks. Okay. Well, Matt can deal with Mindcrest. Chris can deal with your second question, and we might all have a go, and I'll start with your third point. Matt, do you want to deal with Mindcrest? Yeah, sure. Look, I think we said before that we had a previous management team at Mindcrest that probably focused too much on trying to unlock internal opportunities, which is still certainly part of the strategy, but that we hadn't had enough focus on external sales growth and really going into the market and generating sales leads in and of itself, as well as leveraging cross-referral opportunities from the partners in the law firm. The new leadership team have been far more focused on that. We've invested in new sales capability. Seema Bains, who recently joined in the last few months from Tata, has a long history in the ALSP sector. She has identified certain new sales colleagues that she's worked with in previous ALSPs. They've got a strong track record. They've recently joined in the last month or so. We're already seeing quite a significant uptick in terms of the sales pipeline, with some really interesting and quite big ticket opportunities for the second half of the year and beyond. I think we're confident that we will return to growth much more in line with the market in Mindcrest as we look forwards, but also continue to look for those additional opportunities to transfer some work, both from fee earners in the U.K., but also still again looking at back office opportunities that will play into that cost to income ratio reduction that Chris has talked about. I think we're happy with where we are. It's unfortunate that we had to make some changes there that has caused a misstep, but we do believe that we're, you know, we've got as good, opportunities there as we've ever had. Chris, did you wanna comment on the M&A leverage point? Sure thing. Hi Sam, good morning. Yeah, I mean, we're comfortable with the level of leverage that we're trading at at the moment. I think the guidance that we want to get to some 1 times is still that sort of medium term aim. I think for opportunities such as Whitelaw, you know, first of all, we acquire cash generative businesses, the de-leveraging happens relatively quickly. Also we are willing to see shorter term peaks in leverage to sort of plus 1 times. You know, we've got 1.27 for the half year there, you've also got to remember it's very lumpy. You know, so on the date we're reporting, we've had outflows in the first half for various, like, large items such as M&A, and then actually the following month, if you were to look at it, and we don't report it monthly, it's far lower. We're pretty comfortable with where it is at the moment. Also, you know, the cash generation balance of the business this year will be probably more back-end loaded than normal. I do expect that the kind of... The number that you're seeing at the moment to the end of October is probably the peak and it'll come down from there. Okay. Dealing with the third question, was that really based around, Sam, how easy it has been to increase rates with clients and what the impact of salary rises has been and will continue to be? Is that, was that the focus of your question? Exactly. That's right. Yeah. Yeah. Look, dealing with the second bit first, there is still attrition, and you've still got to pay your good people more. There's no question about that. You don't have to pay them as much as you were having to pay them in 2021. I think if you think through where a lot of the salary pressure came from, it came from Magic Circle firms and US firms who were offering huge amounts of money to join their respective sweatshops. As a consequence of that, a lot of people left all sorts of firms to join them. A lot of their work has disappeared now. For example, most of those firms would have an office in Russia, which they've had to give up. A lot of those firms would have been predicated on the 160 odd IPOs that happened in 2021, which have not been repeated in 2022. Generally corporate and corporate finance work. There's a lot less work to do. We know from conversations that a lot of these firms, when people leave, they're not getting them replaced. I wouldn't be surprised if some people aren't letting a few people go. We've had six people return. I think the pressure, whilst not gone away, has eased in terms of salary increases. You've got to pay market. You've also got to remember that in our case, in our principles of ESG and the way all our culture and values are all about positive outcomes for our people. We don't look to achieve 2,000+ billed hours a year. We do look to invest in their career. We do look to mentor them and to develop them and for them to stay for a long time. We're not a sweatshop, so we'll never, ever pay what some of these other firms pay. The contract, the arrangement, the relationship is a different one, and I think we're improving our relationship with our people all the time. Matt made some really great points and comments in his presentation about what we've done with fee and employee engagement. Far as clients are concerned, they're all aware 'cause they're suffering the same thing. The cost of operating is increasing, and therefore we need to increase our pricing. We haven't had a panel review, or we haven't achieved a position on a panel where we haven't been able to increase our fee rates. By the way, most panels that get refreshed, they might have started with eight firms on it, and they might go down to five. Our largest client, where we've just got back onto the panel for five years with reviews in pricing during the course of it, have also reduced the number of people on their panel, which definitely improves our prospects. As we grow, and we get more people with more specialisms, we can offer more services across a greater geographic spread than ever before, which allows us to charge a bit more. We've also got the opportunity to get more work out of these clients and through efficiency, do things more effectively. Overall, we are satisfied that the balance of the relationship with our clients and what we're getting paid is right for the market in which we operate. We have been able to navigate our way through to some better pricing. As Matt also said in his report, we've got somebody who's looking at pricing, and you know they're having a major impact and turning the lights on in a lot of people's minds as to what's possible, and we're seeing a real benefit from that. That benefit will continue 'cause the person's not been with us for too long. I can see the impact they will have as being material. It's very clear. Thank you very much. Thank you. James, any more? Yes. The next question comes from James Allen at Liberum. Morning. Hi. Hi, guys. Can you hear me okay? Perfectly. Brilliant. Two questions if I can. First one, how much of the GBP 10 million-GBP 12 millions of targeted cost savings could be delivered in the second half of this financial year? Second one, just on Mindcrest. I think in the statement you mentioned that there was a large long-term contract which came to an end either at the end of last year or in the start of this year. Are there any other large contracts like that which could have a material impact on revenues were they to end in, say, the second half of this year or into next? Yeah. Chris can deal with the first one in relation to the efficiency program. Matt can pick up again on Mindcrest and explain what that's all about, which is not as bad as it sounds at all. Chris, do you want to kick off on the cost efficiency program? Sure thing. James, we're underway with it. There is a lead time for some of them, but I would say that probably safely a third, probably slightly more than that, will be out by the end of this year, and then the balance will come out over the course of FY24. With 100% of the run rate in place by the end of the year. As we mentioned, at the beginning of the presentation, this is not something that we think is a fashionable thing to do. This has been part of what we've been planning to do for some time, and we're already on with it and have been for some time. Matt? I think the answer on Mindcrest, James, is simply no. The unwind on that large client relationship is actually, in large part due to the fact that we've successfully automated processes. We've moved from more manual to more automated process, which has reduced revenue on that contract over a period of time. It's something we saw coming towards us. No, nothing else that we would expect. Thank you for those questions. Thanks very much. James, the next ones? Yes, the next question comes from Andy Murphy at Edison Group. Good morning. Over to you. Can you hear me? Yep, perfectly. Hear me okay? Yep. Thank you. Just a couple of questions from me. Just thinking about restructure of the group from the five divisions down to the three. I was wondering whether you could point to examples of where and how this change has benefited your clients or the group and/or both? Secondly, if you excuse my on this one. On the panel you're appointed to 30 You... We've lost you. You're not, sort of flavor there. We've lost you. You need to repeat your second question again, I think. I think Matt. The second question was about panels. Have you got me now? You're going in and out a bit, unfortunately. Oh. Okay. You were talking about the renewal of some of the panel appointments, were you, on the second point? Correct. The opportunity. Meaning the opportunity to get more, or the opportunity to achieve more out of an individual panel appointment or something else? The market opportunity. Right. I can go through that. Matt, do you want to go through the divisions point? Yeah, sure. I mean, it goes back to the operating model point that Nigel talked about in his intro. We were in the previous leadership running the business really through geographic lines. We pivoted through 90 degrees really to run through vertical global P&Ls in the law firm. It was really about aggregating three separate divisions that were all about the law firm. We had insurance, we had UK non-insurance, which we used to call commercial, and then we had international. It made no sense really. We ended up with lawyers, you know, that were doing similar types of work in different markets that weren't on the same bits of the P&L, weren't necessarily sharing clients and opportunities with one another, and weren't in the same budget when it came to marketing and BD spend, or in terms of making decisions around investment in hiring people. I think for all those reasons, bringing all of those bits together in a single Legal Advisory division, with one leadership team, global practice groups, unified leadership there, more accountability for delivering those global bits of the P&L has delivered all of those benefits. You know, we've now got people sharing work more widely. We can see that coming through in our global client count program in terms of the growth rates that we reported at the full year. You know, we are getting sort of 11%, 12%, 13% growth rates in our key account program, which is material. Again, it helps with things like the focus on the core clients, the 400 clients, because we've really got everybody working on that, pulling together within certain service lines. I think the. You know, we see the evidence of, you know, the improvements in all of the KPIs really that Chris has talked about. It also helps in terms of looking at capacity and managing capacity and thinking about efficiency. You know, we see the benefits of it everywhere, I would say. On the panel side, I mean, I think Nigel will wanna jump in here as well, but, you know, my two penneth on that would be that, yes, we are seeing. Don't forget that the 30 that we talked about is just in the last 6 months. You know, we're just giving you a snapshot. You know, we have a significant number of panel relationships across the client base. When you think about insurance, it's nearly all on panel relationships, for example. There would be a material amount of work that we're doing outside of insurance as well that's driven through panel relationships. A significant part of the group revenue is on that basis. Not all, but a significant amount of it. The panels are shrinking. We've got an opportunity to get a bigger slice of the pie from a number of the client relationships that we're on, which I think is very important. As Nigel said also, it's given us an opportunity to rebase pricing on a number of them. I would just make one comment on the first question that you asked, and that is that when the three of us came together, the operating model for the business was not at all logical. It had within it internal boundaries which prevented people from naturally sharing clients and work with other people outside their profit center. You've got to really have global profit centers, and you've got to have as few as possible, and you've got to encourage people to share their clients and work with people in their profit centers. One of the things we've really got to do at the moment, and this is beyond profit centers, is we've got just fewer than 500 clients that represent 80% of revenue, and we don't do anything like all the work for those clients. We've got to try and make ourselves more relevant to those clients, or explain what we can do that we couldn't previously do. Because we've grown significantly in the last few years, and a lot of clients don't know, for no bad reason, what we can do. We've hired a lot of people in the last few years. We've hired people who wouldn't have talked to us three years ago, who are great people that are joining us and adding considerably to our capabilities and breadth of experience and services that we can offer. We're trying to make sure that everybody in Legal Advisory is trying to sell. If you're a corporate group client, trying to get them into litigation and real estate and everything else. If we do the work in the U.K. client, if you've got a company or a subsidiary or a business in Germany or Milan or Spain or France, make sure we share them with our colleagues there, make sure we find opportunities to share them with Mindcrest and Connected, if relevant. These are all having significant benefits to us. Far as the panel appointment's concerned, I'll just mention that you might all remember that when we last presented to you, we told you that we got onto the Crown Commercial Service Panel. We got onto that with effect from 1st of January, we hadn't been on it before, we didn't really know any buyers of legal services within the government. Anyway, we've had a fabulous start, and we are, I think by the time we got to November, we haven't done all the work, but we've secured the work. We've secured work that could well be somewhere between GBP 8 million-GBP 10 million, and that's from a standing start. It just shows the importance of getting onto panels, and it shows the importance of making yourself known to the people that buy the services and selling yourselves well. I think that's what DWF is good at. James, any other questions? No. No further questions at the moment. All right. Okay. Well, I suspect that might be it for questions on the basis that, I guess people have had some time to think about them and to ask them. If you haven't had any just appear, I think it's probably appropriate for me to thank you all for joining this call, for your interest in what we're doing, for your questions. If anything else occurs to you, at any time, you know where we are, and we're always pleased to talk to and hear from people who are interested in what we're doing. Thank you very much indeed for your time. We are very grateful to you. Have a good day. Bye everyone.