What are you leaving at the bargaining table with your firms for lack of the right data?
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Newsletter Update V5

Hi there,

 

Yes, PERSUIT is incredibly passionate about helping the legal industry move away from hourly rates.

 

(Although we “killed” our “Kill Bill-able Hours” Newsletter last August, I may have been known to still don yellow and black socks and t-shirt on occasion🤺.) 

 

We also know that regardless of where your team may be on its journey towards value-based pricing and other types of AFAs, hourly rates still, and will likely always, play an important role. 

 

There are certain types of work where traditional hourly rates are simply best suited. 

 

And even when they aren’t, negotiating hourly rates is an important starting point for negotiating more effectively with your relationship firms. 

 

As Cintia LeLann, Sanofi’s Global Head of Legal Purchasing recently explained in our latest webinar on rate negotiations, hourly rates are an important starting point to understand firms’ overall competitiveness.

Hourly rates are also factored in when negotiating AFAs on specific matters, in addition to volume discounts and value adds.

 

Still, rate negotiations are painful.

 

😖 Setting up spreadsheets, building rate card comparison frameworks for all firms, and manually setting up calculations like “weighted average change %” and “spend impact.”

 

😥 Validating that data with appropriate internal and external benchmarks. 

 

😣 Capturing and tracking the negotiation communications and relationship history scattered amongst various relationship stakeholders. 

 

🤪 Ensuring all internal stakeholders — procurement, legal ops, legal leadership, and the lawyers who themselves are most directly managing those firm relationships — are all on the same page and coming to the negotiating table with a unified voice.

 

🤕 And then multiplying those efforts across the average 97 firms that GC teams with $10 million or more in external legal spend have relationships with.

 

Most in-house teams simply don’t have the resources to navigate mountains of pricing data and come to the bargaining table with their maximum leverage. 

 

But what if you could... 

 

✔️ Shorten the negotiation process from 6 months to a matter of weeks?

 

✔️ Come to the bargaining table with actionable insights on firm pricing — year-over-year, across firms and timekeepers? 

 

✔️ Have the bandwidth to negotiate with 10%, 15%, or 25% more of your firms rather than being forced to blindly accept rate hikes because you don’t have the time or resources? 

 

Next week, PERSUIT launches a new product — Rate Review Pro.

 

Rate Review Pro centralizes the end-to-end rate negotiation process by easily comparing hundreds of firms and rate cards side-by-side. 

 

Rate Review Pro stores all rates in one place and calculates the metrics that matter so legal teams can negotiate with precision.

 

Stay tuned for all the details next week. 

 

Cheers,

 

Jim

jim

Jim Delkousis

Founder and CEO  

PERSUIT

LinkedIn

RATE NEGOTIATIONS

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Rate Review Pro gives in-house teams the ability to capture, compare, and negotiate rates in one single place.

  • Simply send out one request
  • All of your firms’ proposed rates come back in an organized view 
  • Quickly visualize and understand the most impactful hikes
  • Negotiate with ease

Save hours. And maybe millions. With one unified system.

 

Learn More About Rate Review Pro

LEGAL ADVISORY

5 Proven Rate Negotiations Tactics for In-House Teams

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The rate negotiations process can be incredibly complex, involving negotiations over hundreds of job titles or individuals, and legal matters. The process can take weeks or months for each firm you work with on a regular basis.

 

It can be one of the most time-consuming and stressful parts of working in legal operations. Especially as the legal ops profession grows and attracts business professionals who haven't been exposed to the unique interactions between corporate legal departments and their law firms.

 

Cintia LeLann, Sanofi’s Global Purchasing Head of Legal + Ethics & Business Integrity and Compliance, recently joined us to share her team's best practices for managing annual rate increase requests. 

 

We've pulled the best of her insights into our latest feature article, 5 Winning Rate Negotiations Tactics for In-House Teams.

 

Continue Reading: 5 Winning Rate Negotiations Tactics for In-House Teams

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Laura Spalding

Director, Legal Advisory

PERSUIT

LinkedIn

UPCOMING EVENTS

Where's PERSUIT? 

Here's where you can find us in the weeks ahead:

  • WEBINAR: Innovative Pricing in Legal — What Top Firms Really Think About AFAs, RFPs, and Reverse Auctions, January 24, 11:00 am EST
  • NAMWOLF, Driving Diversity & Leadership Conference, New Orleans, LA, March 2-5 — Register here
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