In-house teams are being asked to do more with less.
Better managing outside counsel resources is one of the most effective ways to do that.
Still, legacy matters often account for up to 70% of many in-house teams' outside counsel spend, leaving many teams feeling powerless to do much about their most sizeable — and often unpredictable — chunk of legal spend.
Until now.
That IP litigation matter from 2023 that's already been awarded to an incumbent firm at astronomical hourly rates; you're about to start discovery.
What if you had the power to negotiate a new fixed fee with your existing firm for all of discovery — and do the same for each subsequent phase after that?
And then do it again with Every. Single. Matter. Already in your portfolio of risk.
We're talking millions in potential savings on legacy matter OC spend.
Sounds crazy, right?
Introducing PERSUIT Price Benchmarking
With our new benchmarking functionality, leverage data from over billions of dollars in legal spend to negotiate on existing, ongoing legal work AND that new matter that crosses your desk.
Armed with PERSUIT’s Price Benchmarking capabilities, your team can filter PERSUIT’s data down to Litigation and then down to Intellectual Property Litigation. Then, filter further by the AMLAW ranking of the firm currently working on the case. PERSUIT’s results will reveal where the cost falls relative to other proposals.
Far above the median? Cite PERSUIT’s data to negotiate the cost down or to better understand how the firm substantiates the cost.
Of course it works for new matters, too.
How does PERSUIT Price Benchmarking work?
Price Benchmarking, a new Marketplace Intelligence offering from PERSUIT, puts you in the driver’s seat when negotiating cost with your firms. Let’s walk through that IP litigation case to show you how.
1. Filter down by Legal Service = Dispute / Litigation to view the price benchmarking range.
2. Check out the typical phases seen within your selection criteria and click into Discovery or any other phase to view common Activities.
3. Interested in comparing the price benchmark within different AMLAW tier rankings? Head back up to the filters to see how the benchmark changes.
What PERSUIT Price Benchmarking insights are available right now?
We’re surfacing insights from Litigation and Mergers and Acquisitions — two of the most common categories of RFPs run through the PERSUIT platform. Within those categories, see what matters in the U.S. should cost within three distinct ranges — high (the top 25%), within range (25-50%), and low (bottom 25%). You can also filter by AMLAW rankings to uncover price variances by ranking tiers.This new capability empowers legal teams to:
- Control legal costs and use resources more efficiently
- Proactively forecast legal costs
- Leverage marketplace insights to negotiate price more effectively with firms
Learn more about PERSUIT Price Benchmarking
Interested in learning more? Stay tuned for our upcoming Marketplace Intelligence reports, showcasing benchmarking data from the most common matter types on PERSUIT.
As more of the world’s most innovative corporate legal teams join PERSUIT, our data set will continue to expand and improve into new locations and additional categories and areas of law. Be the first to know by subscribing to our weekly newsletter showcasing our latest data insights and product capabilities.