Rates for legal services are a black box. Are you getting a good rate? Are you overpaying for partners but getting a deal on associates?
Historically it has been nearly impossible to know if your rates were market-appropriate. Available benchmarking reports were less-than-accurate, they often didn’t compare apples-to-apples, and they didn’t allow clients to understand the impact of their rates on their spend.
We’ve got good news. Those days are GONE.
Introducing Bodhala’s Rate Benchmarking 2.0 – a transparent comparison of your effective outside counsel rates against both the market and your panel – all the way down to the named timekeeper level.
This new and improved solution delivers what legal departments have been waiting for — accurate benchmarks and usable insights on rates. We enhanced our proprietary rate benchmarks by analyzing cost impact, including estimated rate increases, historical analysis, and much more.
Budgeting, rate negotiation, and internal reporting just got a whole lot easier!
Let’s dive into what’s new and improved!
Compare Your Benchmarks from Firm to Firm
Comparing each firm to the market is important — but understanding how all of your firms compare to each other is also critical. This comprehensive view of your firms’ benchmarks gives you a high-level overview of how your firms stack up against each other and the market, providing health scores for each firm.
Historical Impact Analysis
Customers often ask us, “If I had paid market-appropriate rates, how would that have impacted my overall spend?” Great question — and now we include the answer front and center.
We analyze your whole spend across your selected practice area, calculating how much you would have saved overall had your rates been closer to market standards. Then we break it down by timekeeper level, giving you a clear line of sight into the highest impact opportunities at your next rate negotiation.
Named Timekeeper Benchmarks & Cost Analysis
Breaking down benchmarks by timekeeper level is important. But we all know that not all timekeepers are created equal. Every team has its key players — their “Lebrons” — and they usually come at considerable cost. More often than not, superstars are worth the money. But are you being charged superstar prices for utility players?
With granular benchmarking data about individual timekeepers, you can ensure you’re paying appropriate rates for every timekeeper.
White-Glove Service & Expert Advisory
What if you don’t have internal resources to focus on benchmarking? Or you want expert advice on how to leverage your benchmarks to drive better outcomes at your next rate negotiation?
Bodhala’s Client Success Team offers white-glove services, including everything from highlighting key savings opportunities and creating sizzle-worthy decks to share with your internal stakeholders, to consulting on tactical strategies for rate negotiation and staffing recommendations.
Whatever kind of support your team needs to meet your goals, we’ve got you covered.
Ready to start running legal like a business?
When it comes to your law firm rates, you have more leverage than you realize. You just don’t have the data yet. Fortunately, with new Bodhala’s Rate Benchmarking, it’s now easy to budget smarter, negotiate harder, and get more value from our outside counsel.
Test drive Rate Benchmarking for FREE!
Not ready to commit? Want to see it in action for free?
Check out our FREE Rate Benchmarking Report to benchmark any firm in the AmLaw 200 across 10 top practice areas. No commitment, no need to give us a call — just a couple of clicks and you’ll have your benchmark.