Source: PRnewswire
This new offering addresses the significant challenges faced by corporate legal teams in managing law firm rates efficiently at scale, providing a centralized solution for rate negotiations.
With corporate legal teams facing rate hikes from dozens and sometimes hundreds of firms annually, it’s difficult to gauge the spend impact of each firm without a way to compare and calculate benchmarks across all of them.
Current methods involve tracking data in spreadsheets and negotiating in email threads that make it difficult for legal departments to track rates and conversations across numerous law firms.
Agreeing to what may seem like a comparable rate increase for one firm could have a substantial financial impact to the business than another.
“There are so many calculations to run firm-by-firm, timekeeper-by-timekeeper, and different ways of slicing the data. It’s extremely time-intensive,” says David Falstein, VP Product at PERSUIT.
“Our vision at PERSUIT has been to help corporate legal teams move towards value-based pricing, outcomes, and results with their law firms,” says PERSUIT CEO Jim Delkousis.
“As part of that mission, we’ve expanded into a number of use cases to help our customers streamline their outside counsel management, especially through the use of alternative fee arrangements (AFAs). Since timekeeper rates are often the baseline for calculating any AFA, giving our customers a seamless way to control and manage annual rate hikes was a natural next step with our vision,” he adds.
Read full article: https://www.prnewswire.com/news-releases/persuit-enables-corporate-legal-teams-to-take-back-control-of-their-annual-law-firm-rate-negotiations-302035143.html
