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Games People Play: Law Firm Budgets

When Budgets Submitted by Law Firms Look Too Good to be True As BanyanRFP has gained more traction, we’ve seen some budgets submitted by law firms that look too good to be true.  Although the examples we cite are much more the exception than the rule, it’s worth taking a closer look.  These behaviors are easy […]

Law Firm Plea: I Want You to Want Me

When Law Firms Offer Discounts So why would a law firm offer significant discounts to their rates to secure an engagement?  The answers are varied and are not necessarily predicted easily from engagement to engagement.  The good news:  there are several reasons law firms may be willing to offer significant discounts to win your work. […]

Law Firm Blended Rates – How to Avoid Getting Taken For A Ride

I recently tripped across a well-written article that addressed some of the tensions associated with blended rates ( .  Ultimately the author spent significant time dissecting whether they represent an alternative fee arrangement or an hourly rate.  He noted that distinction matters when measuring how much work law firms may claim to do under AFAs.  […]

Fixed Fees for Legal Engagements: The Basics

There has been a trend in the use of fixed fees for legal engagements.  Let’s take a moment to review the benefits and potential pitfalls of this fee methodology and when it is most commonly utilized. Cost Certainty:  Obviously fixed fees provide certainty of cost for an engagement and cap legal fees.  And this certainty […]

Common RFP for Legal Services Mistakes – Part II of II

This is a continuation of this blog post. OK…back with more tales from the front.  While sharing some holiday cheer, my friend (and business manager of a large law firm) and I shook our heads at a couple more of the common RFP mistakes that in-house counselors make.  He shared that “the ask” for fixed […]

Common RFP for Legal Services Mistakes – Part I of II

One of my friends is the business manager for a large law firm. When it comes to RFPs, he’s seen plenty of them.  And I’ve spent time over more than a few beverages swapping war stories with him. I’m often surprised by some of the things he tells me that large, multi-national companies do when processing their RFPs. With no […]

Get the Right People on the Bus and Save: Notes on Selecting a Law Firm

Jim Collins’ notion of getting the right people “on the bus” is a fitting way to start this post. Whether your “bus” is a litigation or a transaction or a regulatory matter, having the right people on the right parts of your matter will set you up for success.  When it comes to selecting a […]

A Short History of Legal Fees

From the billable hour to fixed fee engagements, the history of legal billing in the United States shows there’s nothing new under the sun.  It is a tour de force of the fee methods deployed by law firms to this very day, displaying the one constant from which no fee method conversation can escape – […]

Is Any Counsel/Client Relationship Safe?

These days there are a lot of in-house lawyers looking for potential alternatives to their current counsel relationships.  And, there are a lot of law firms wondering if their client relationships are safe.  More than ever, law firms expect competition, and companies are willing to make firms compete for their work.  How often and how […]

We put a multi-year engagement out for bid to several firms and realized more than a 25% savings off historical rates. And, unlike our prior arrangement, significant portions of the work are now subject to fee caps.

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