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 […]

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 […]

A lot of our clients run what is commonly referred to as a Rate Card RFP. The principle is simple: ask the law firms to list staff members and the hourly rates they will charge for work they may be asked to perform. You are not asking them to build a budget for a specific […]

Recently a national law firm asked us to visit with them to discuss how they could improve their RFP responses submitted through our platform. They wanted to discuss the finer points of proposal writing – i.e. beyond the obvious point of offering compelling pricing. We were happy to oblige. While much of what we shared was specific […]

If you have repeatable legal work, it often benefits you to run an RFP for a multi-year engagement. Do you process a large volume of visa applications? Do you manage a patent portfolio? Do you file a lot of trademark applications? Read on. There are a number of ways to instruct firms to complete their financial […]

Recently I went out to dinner with a client who was in town. As we reviewed his use of BanyanRFP, I was struck by his characterization of one particular RFP he’d processed. “Our focus there was just to understand the market for that type of work,” he said. “And that was certainly accomplished.” The RFP was […]

As we reflect on 2014, we are happy to share a success story that illustrates when you are willing to ask your counsel for their best shot to do your work, the savings can add up fast. In five recent one-off processes run at BanyanRFP, it’s likely that over $1MM dollars would have been left on […]

By almost anyone’s account, BigLaw is in trouble.  It is facing constrained demand as clients seek to keep work in-house.   There is disruption from a host of technologies that are automating or commoditizing work flows. The prospect of a “new normal” of low growth-rates looms for the foreseeable future.  There are literally tomes of […]

In Part I of this two-part blog we posted why pricing in the legal market is not necessarily tied to the value of legal services and touched upon how the legal marketplace is inefficient. In Part II, we now delve into what some top thinkers have to say about value when it comes to legal […]