Hi there,
“What should this matter cost?”
It’s a question that every in-house team — and their firms — wants to know.
"Should cost" — as it has sometimes been referred to — has long been the legal industry’s "holy grail" of pricing.
So unsurprisingly, price benchmarking is something we’ve been talking about for a long time at PERSUIT.
Like anything that’s worth it, it’s taken some patience for us to get there.
But now the waiting is over.
We’ve collected over $11 billion in legal proposals on PERSUIT. Now we've leveraged that data from the last three years in an aggregated and anonymized way to answer the question: “What should this matter cost?”
Introducing PERSUIT Price Benchmarking.
This month, PERSUIT launches V1 of PERSUIT Price Benchmarking. With PERSUIT Price Benchmarking, our clients can now:
✔️ Negotiate the pricing for the remaining work on existing matters.
✔️ More accurately forecast budgets for outside counsel — understand in advance how often specific phases and activities are included in each matter type and their median cost.
✔️ Validate responses to new RFPs — identify what the typical price is for a certain type of matter and whether there are likely savings to be had by going to market in that case.
✔️ Understand how moving certain types of matters or activities to down-market firms or ALSPs might impact cost — when and where is it worth paying top-dollar for the very best firms?
“But my company/firm/matter is unique. How can this data possibly apply to my situation?”
One of the most powerful aspects of PERSUIT Price Benchmarking is that it can be made applicable to a wide range of in-house teams, matters, and firms — regardless of size, complexity, assumptions, or other characteristics.
Nearly any matter can be divided into phases or milestones, with a subset of cost-driving activities underlying each phase.
Using PERSUIT Price Benchmarking, the price of each of those cost-driving activities can be more accurately estimated and then rolled up to provide clear predictability on what you can expect to spend on a specific matter.
Where can you find PERSUIT Price Benchmarking?
PERSUIT Price Benchmarking has already been made available to a select few of our customers in beta and will soon be released to every one of our customers on the PERSUIT platform.
You can read more about price benchmarking here.
Cheers,
Jim
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