SCENARIO (1) Benchmarking: Rate Review Process

We asked benchmarking information suppliers to show us in writing and/or by video, how they provide benchmarking for:

• Hourly rates 
• AFA rates, in particular to what degree can phases of a matter/engagement be benchmarked (e.g. for a acquisition USD500-1m, what is value based flat fee for legal due diligence, drafting definitive agreement, negotiate and execute/sign definitive agreement, etc.) 
• Recommended ranges 
• Rate Dispersion – improving rates by managing dispersion; system enabled 

We also asked them to indicate if they were able to provide these insights for non-US countries. If so, which countries their benchmarking covered and the size of their database is outside the US.

SCENARIO (2) Data Analysis

We gave providers the following scenario: 

"Your prospect client is interested in using AI to reduce cost through better enforcement of guidelines and policies (ability to have flat fee/value based fees cost drivers analyzed across historical portfolio of matters e.g. cost associated with pleadings and motion to dismiss or discovery/summary judgment; how volatile are fees firm to firm, what was depth of firm bench at time of quoting matter etc.).

Please show us in writing (slide or text) and/or by video, how you provide information regarding:

• Deviation from original fees due to change in scope/material change, etc. deviation by phase, deviation by firm. 
• Estimated rate realization v. value based fee agreed / completed 
• Using spend management to mitigate the inflationary increases Is there a matter scoping to help right-size the scope of the engagement with a firm? 

Business Case: Please also help us build the business case to invest in YOUR technology. What investments are required in addition to paying for your technology? How many people are required to achieve the opportunities (i.e., You may have an ebilling tool, but require additional functionality to manage your panel)."

PLEASE NOTE:

The Buying Legal® Council Vendor Showcase is NOT a "pay to play" or sponsored program. All submissions were made free of charge. It is a member benefit intended to help you with your daily work.

If you would like us to add a legal spend management solution provider here, please email us at doria@buyinglegal.com