Rate negotiations aren't going away soon (or ever?), even as we move to more value-based billing. Here's help on both fronts. 
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Newsletter Update V5

Hi there,

 

What do rate negotiations have to do with killing the billable hour 🤺 ? 

 

Everything!

 

Yes, we talk a lot about the move to value-based pricing here at PERSUIT. 

 

It’s THE thing we help corporate legal teams do.

 

I also readily admit that value-based pricing isn’t always the right solution. 

 

And that big change — like moving from billable hours to fixed pricing — happens incrementally over, sometimes, a very long time. 

 

The brokenness of the billable hour system is complex. 

 

It requires an entire tool chest of solutions. Wielded by innovative, creative, and solutions-oriented teams that are equipped to meet each business, team, or person where they’re at. 

 

That’s exactly what PERSUIT strives to be. 

 

Which is why for us, rate negotiations 🤝 have EVERYTHING to do with killing the billable hour 🤺 and the move to value-based pricing. 

 

In addition to using PERSUIT for matter-level RFPs, many of our users are surprised to discover the utility of our platform for panel RFPs and rate negotiations.

 

130 firms across multiple regions and up to 200 time-keepers at a firm? You bet!

 

And for some clients, panel negotiations are the first place they start before moving on to competing RFPs at the matter level.  

 

In this week’s edition of The PERSUIT, I’m happy to share these featured resources that speak to our use

cases at many levels (although no PERSUIT usage is required to get massive value out of any of the below):

  • If you’re already competing your firms at the matter level, how do you know you’re getting a good price? 🤔 Legal Advisory expert Maui Gevero walks us through the steps to determine the “true market price” for legal services. 
  • What happens when top firms compete for a matter? 🫰Does their premium have sticking power when competition and transparency are introduced into the process?
  • Rate negotiations 😖 : What every corporate legal team wishes they knew about their firms’ thinking (and coming soon, our latest report with 7 ways to make this annual drudgery a bit more palatable).

Enjoy, and cheers!

 

Jim

jim

Jim Delkousis

Founder and CEO  

PERSUIT

LinkedIn

VALUE-BASED PRICING

Is This a Good Price? 

Article True Market Price-1

“How do I know I’m getting a good price from my law firms?” 

 

It’s a question that every corporate legal team wants the answer to. 

 

Now you can know; by uncovering the "true market price” for a particular matter. 

 

Here, we show you the process for finding it. And why (although it's counterintuitive) finding the true market price makes price even less important when selecting a firm for a matter.

 

Continue Reading: Is This a Good Price? How In-house Teams Uncover the True Market Price of Legal Services

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Maui Gevero

Senior Manager, Legal Advisory Team

PERSUIT

LinkedIn

DATA

Do Top Law Firms Still Command a Premium During a Competitive RFP?

5 Data Benchmarks_Graphs-09

It’s no surprise that top law firms command premium prices. 

 

But does that premium hold when they’re invited to an RFP process with fixed-fee or value-based pricing?

 

Here's what the data says...

 

Continue Reading: Do Top Law Firms Still Command a Premium During a Competitive RFP?

1-Aug-11-2023-03-59-49-9543-PM

Jordan Weinstein

VP of Data & Product

PERSUIT

LinkedIn

WEBINAR

Rate negotiations don't have to be this painful! 😖

Learn from PERSUIT's experts, David Falstein and Cassieoppia Snowden (who are incidentally a former legal sourcing specialist at Johnson & Johnson and former  BigLaw pricing analyst). They'll discuss: 

  • The utility of blended rate cards
  • The importance of pricing benchmarks
  • Establishing panels
  • Negotiation tactics
    Copy of Webinar Template V2 (2) (1)

      Sign up for the webinar: Elevate Your Rate Negotiations — 7 Proven Tactics for In-House Teams.

        UPCOMING EVENTS

        Where's PERSUIT? 

        Here's where you can find us this and next month:

        • WEBINAR: Elevate Your Rate Negotiations — 7 Proven Tactics for In-House Teams, August 29th
        • Legal Leaders Europe: London, UK, September 7–8 — Visit us at the event
        • The Economist General Counsel Summit U.S.: New York, NY, September 7 — Visit us at the event
        • NAMWOLF 2023 Annual Meeting: Baltimore, MD, September 10–13 — Visit us at the event
        • Innovative Legal Leaders Roundtable: Paris, FR, September 27 — By invitation
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