BanyanRFP

BanyanRFP is an online platform that enables corporate legal departments to make better counsel selection decisions. Our proprietary application allows legal departments to configure RFP's quickly and easily for any type of legal engagement - from rate cards for counsel panels, to long term engagements or one-off matters. Only law firms you invite to respond are aware you are running a process. Key financial metrics of proposals are calculated automatically and presented in easy to read dashboards and reports - allowing for side-by-side proposal comparisons with a single click. And our platform enables real time competition by allowing you to disclose the metrics of competing proposals on an anonymous basis. What was once a messy, manual process has been automated - allowing legal departments to get law firm information on rates and expected fees as well as expertise, experience and technology based efficiencies quickly while driving more transparent competition.

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Admittedly, I have a bias to running RFPs to hire outside counsel. Many an in-house lawyer, however, are not in my camp.  I know they are thinking, “Isn’t it risky?”  The idea of risk is worth exploring:  what exactly are the risks of running an RFP to hire outside counsel? Here are some to consider: Risk of Having to Pick the Low Bidder Clients always determine their own decision criteria. There is absolutely no reason a…
So how do you feel about your law firm incumbents? Do you love ‘em? Or need to list ‘em? The answer: most definitely yes! We Love Our Incumbents There are many reasons to love one’s incumbents. These relationships can run deep. Maybe your lawyer is a dear friend from back in the day. Or, maybe your lawyer has become a dear friend because you’ve partnered together for years. Maybe you officed next to your lawyer when you were in private practice. All are meaningful—it…
With law firm salaries on the rise, it is reasonable for clients to wonder if their interests are aligned with those of their law firms.  Risk sharing incentive structures can help insure that both client and firm are in lock-step when it comes to objectives and desired outcomes.  Sound complicated?  Creating risk sharing agreements is quite possible, but takes more time and effort than relying on hourly billing.  Separately, your firms will not be surprised…
Are you feeling reticent about leveraging competition to shore-up the (likely long) list of firms with whom you work?  You shouldn’t be.  Here’s some great data to give you confidence that it is time to jump in the pool! The Landscape of Legal Service Providers is Changing The market for legal services continues to change and clients have multiple options beyond the traditional law firm. In-sourcing more work Using technology that reduces need for lawyers/paralegals…
When is the last time you refreshed your panel of firms?  Even for a single practice area?  If more than five years have elapsed, you have much to gain from a panel update.  Many things change over the course of five years—both at law firms and in your business.  This shares the results from a recent practice area panel update at BanyanRFP.  It makes the power of a panel refresh abundantly clear. The Client’s Objective:…
The GC role is not getting easier.  There is increased regulation, patent trolls, concerns over cyber-security, the impending enforcement of GDPR…not to mention the pressure on GCs to do “more with less” and control their costs.  Although demand for legal services is flat, revenue at firms increased by 4% in 2017 to date (Citibank 2017 Client Advisory).  Even so, 55% of CLOs believe they don’t have enough buying power to demand better rates…
Recently back from the CLOC Institute, I have been simmering on how corporate legal departments are (and are not) leveraging RFPs. Most seem to tackle an RFP when it is time to create or refresh a panel. The process is looked upon with a fair amount of dread. Having had painful experiences with their panel reviews, it is reasonable that teams avoid RFPs when it comes to their day-to-day legal work.  However, experience shows that matter-level RFPs matter.…
As you reflect on the past year, it is worth taking a moment to consider how your law firms are delivering for you. Are they anticipating your needs? Investing in your relationship? Maintaining a high standard of client service? It is likely that some of your firms have become complacent. In this competitive legal marketplace, complacency is an unacceptable. There are hundreds of law firms who would love to have your work and who will…
Over the past few weeks there have been a series of related headlines about the business of law that, at face value, tell a puzzling story. First, there was news that law firms have been raising their hourly rates. It was suggested this was tied to the fact law firms had significantly raised associate salaries for the first time in many years. There was also news that client demand for law firm services was contracting.…
The discussion continues about value-based pricing. D. Casey Flaherty (with the support of the ACC’s Legal Ops External Resources Interest Group) published a lengthy guide to getting more out of your relationships with outside counsel. Among many topics covered, value-based fees took a place on the stage. Although acknowledging the centrality of the billable hour, the ACC has long been a proponent of the moving to value-based fees. What is Value-Based Fee? A fee that…