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
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.
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…
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…
Per BTI Consulting, 56% of legal departments ran at least one RFP of some type last year when hiring outside legal services. That is an encouraging sign for those of us who believe in the power of competition to…