National law firm Holding Redlich has launched a new Procurement practice group, responding to growing demand for advice in an area that is set to undergo sweeping legislative changes.
The specialist procurement team was formally launched at an event in Holding Redlich’s Sydney office today.
Partner Scott Alden, who will lead the national team, says procurement trends and requirements are changing at a rate that has never been seen previously in the industry – and this is about to speed up further.
“We are currently awaiting and preparing for two major legislative changes that are likely to have a far-reaching impact on procurement practices,” Scott said.
“Modern slavery legislation in NSW is set to be overhauled later this year when the Modern Slavery Act 2018 (NSW) comes into effect.
“A large focus of the Act is ending modern slavery-like practices in organisations and their supply chains by imposing a series of mandatory measures and setting penalties of up to $1.1 million.”
The other major upcoming change to procurement practices is set out in the Federal Government’s Government Procurement (Judicial Review) Bill 2017 that seeks to ‘establish an independent and effective complaints mechanism for procurement processes’.
“We are seeing so many changes coming through in this sector,” Scott said.
“And as well as the formal legislative reform, there is also increased pressure on business to conduct procurement using sustainable processes.
“Times have changed and both public and private organisations must now be acutely aware of the consequences of choices they make regarding what to buy, how to buy it and who to buy it from.”
Scott said decisions about procurement - the act of buying goods and services that enable an organisation to operate – are increasingly being made by professionals who are key members of an organisation’s management or executive team.
“These are important decisions that are now often being made at senior executive level – but navigating this area is becoming more complex and high-stakes,” Scott said.
“As demand for advice about this area has grown, we decided it was time to set up a dedicated team.”
The Holding Redlich procurement team is comprised of both Construction & Infrastructure and Corporate & Commercial partners.
For more information about the new group, please click here.
Media contact: Joel Lentin 03 9321 3967