PERSUIT Enables Corporate Legal Teams to Take Back Control of Their Annual Law Firm Rate Negotiations

PERSUIT launches Rate Review Pro to ensure fair market pricing by centralizing and automating the tedious rate review process, facilitating negotiations at scale and setting a new standard for visibility and governance.

NEW YORK, Jan. 16, 2024 /PRNewswire/ -- PERSUIT, the market-leading outside counsel engagement platform, today announced the release of a new product: Rate Review Pro. 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.

Rate Review Pro allows legal teams to easily capture, store, and compare rate cards from hundreds of law firms side-by-side. Further, by automating critical calculations, such as weighted average increase and total spend impact, Rate Review Pro empowers legal teams to understand where proposed rate hikes will affect them the most, allowing them to negotiate with precision.

"This is about truly understanding the impact of any firm's annual rate increases. You're eliminating countless hours manually compiling all the calculations and benchmarks, and you're preventing potentially millions of dollars in costs by understanding the impact to the business. That's the power of this product," adds Falstein.

Managing rate negotiations is now one of several use cases the PERSUIT platform provides, along with single-matter or portfolio RFPs, secondments, establishing or refreshing a panel, and RFIs.

"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.

About PERSUIT:

PERSUIT is how in-house legal teams move from hourly billing to value-based pricing, outcomes, and results. Whether you're negotiating annual rate increases or running an RFP for an individual matter, PERSUIT is how the world's leading corporate legal teams engage with law firms. For more information about Rate Review Pro and PERSUIT, please visit www.persuit.com.

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SOURCE PERSUIT