News & Insights



What Is It Worth To You: Value-Based Fees

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 fees took a place on the stage. Although acknowledging the centrality of the billable hour, […]

Back to Basics: RFPs for Legal Services

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 enable better decisions about who to hire. It also means, however, close to half of legal departments […]

Fixed Fees: the Bees’ Knees?

Managing outside counsel is complicated. And, so are their bills. With complex itemizations and unclear formats, the bills trigger misunderstandings and lead to frustration. For many reasons, forecasting your annual budget is a challenge. You often wonder what you can do to help simplify the bills and drive predictability in your budget. Many in-house teams […]

Four Watch-Outs for Proposal Prep

Law firms often ask us what clients look for in RFP responses. Beyond competitive pricing and sound expertise and service, the specifics vary significantly from client-to-client. After pouring through proposal after proposal, it has come clear to us that there are some potholes to avoid. Here are four key watch-outs for law firms when preparing […]

Two Keys to a Respectful RFP

What would you want if you were on the receiving end of an RFP?  You would likely have a couple simple requests.  Experience shows that a respectful RFP, at its core, has two key elements:  honest communication and clear instructions. Honest Communication From pre-launch through firm-selection and final communication to the participants, honest communication is […]

What Your Law Firm’s Not Telling You

Your law firms are under pressure. Although it’s unlikely to come up in conversation, they are more appreciative of your business than ever. The truth is that they will bend over backward to keep your work. So what do law firms know that they aren’t necessarily telling you? Client Demand is Softening External legal spending has […]

Big Data: Too Much of A Good Thing?

There has been a lot of chatter of late about “big data” and measuring law firm rates, efficiency and value. In a marketplace as fragmented as the market for outside counsel, big data no doubt can help separate those who provide solid bang for the buck from those who over charge and under deliver. But […]

Buyer’s Market for Legal Services

Read it and believe: it is a buyer’s market for legal services. There are many forces at work here, but two clear drivers are overcapacity and unbundling.   Appreciating the reality of each of these market forces will empower you to approach your engagements from a position of buying power. Overcapacity Overcapacity in the legal profession […]

Building Bridges: 3 Tips for a Smooth Legal RFP

Do you remember what it was like to be in private practice and on the receiving end of an RFP? Did it trigger feelings of hope or dread? Maybe you couldn’t wait to submit, or maybe you got a pit in your stomach and were thankful that the marketing team would handle the majority of […]

It was powerful to understand where our incumbent stood in the marketplace and what other firms were well-suited to support our deal. The platform eased our review and netted market pricing for the work. We look forward to using BanyanRFP again.

Lori Berreman Chief Legal Officer, Constellation
Back to top