Rate Reviews
ROI That Legal Teams Can Prove – Control Law Firm Costs and Value With Justice Bid’s Rate Review
Rate Reviews – The Dividing Line Between Legal as Cost Center or Cost Saver
Rate reviews represent one of the biggest opportunities for Legal to run like a business. It is a major intersection of Legal, Finance, and a company’s bottom line. If only it was so easy.
Lack of Pricing Transparency
- Law firms arbitrarily raise rates without data linking price to value
- Legal tries to justify cost, friction impacts negotiations and relationships
Unpredictability vs. Budget Inflexibility
- Rate hikes, inflexible budget create quality and cost tradeoff
- Legal and Finance jousting leaves operating margins at stake
Inefficient Rate Reviews & Inconsistent Negotiations
- Time-consuming, frustrating to compare proposals across firms
- Manual labor wastes time, risks inconsistent negotiations with firms
It’s Time to Take Control With Justice Bid
Finally. A solution to manage unpredictable rate hikes. With Justice Bid, the days of being at the mercy of law firm rate hikes are over. Let transparency rule the process. Justice Bid helps you contain costs and control outside counsel spend with significantly greater precision, putting accountability on law firms to price sensibly.
KPI
Reduction in unjustified rate increases
Annual cost savings
Budget predictability & cost management
Time savings on rate review process
Metric
60-80%
$2m – $10m
50%
60-80%
Enterprise Legal Impact
Data access to counter arbitrary price hikes
Cost mitigation, cost structure preservation
Low rate volatility, better budget forecasting and control
Shorten negotiation cycles from months to weeks
How Justice Bid Works for You
User Benefits
Justice Bid blunts the impact of unpredictable rate hikes by introducing AI and data-driven transparency into multi-firm cost analysis and reviews.
- Centralize, automate multi-firm review process
- Let automation, AI offload manual labor
- Avoid time-consuming analysis
- Deliver data-driven counteroffers
Business Benefits
Justice Bid instills predictability into Legal’s cost structure and its part in an enterprise’s overall financial management.
- Maintain budget rigor
- Preserve cost structure
- Protect operating margin
- Stay aligned with corporate financial plan
Trusted by Industry Leaders for Proven Results and Real Impact
Justice Bid helps Fortune 1000 enterprises generate greater ROI on outside counsel.
Our legal teams must move with speed, intelligence, and accountability to drive meaningful ROI for the business. That starts with full transparency into the value of our outside counsel. Justice Bid is a critical partner in that effort, bringing structure, data, efficiency, and innovation to a process that’s long overdue for transformation.
Greg Bennett
Director of Global Legal Services, Technology and AI
Seeing Is Believing
Simplify and streamline outside counsel selection. See how Justice Bid drives greater ROI and matter outcomes.
