Law firm relationships have long been measured with gut rather than metrics.
But should you really work with a certain firm just because a partner is your GC’s law school buddy? (Hint: the answer is no!)
While your law firms are trusted business partners to your organization, C-suite executives are holding legal departments accountable for understanding the value law firms deliver. To ensure you partner with the right firms on your matters, you must leverage a mixture of qualitative and quantitative metrics.
But how can you determine if your law firms are making the grade without poring over spreadsheets for hours?
Introducing Bodhala’s new and improved Firm Report Cards, the best, most holistic view of how your law firms stack up against one another.
Now, you can get a detailed look at your firm’s rates and key performance indicators in one concise report–all in just one click.
Let’s take a look at what’s new!
Unprecedented Analysis & Internal Benchmarking
Firm Report Cards leverages Bodhala’s reporting and analytics capabilities and presents it in a concise and easy-to-digest view for each firm.
Customizable cohorts of firms are selected for comparison against one another to aid in panel management and potential consolidation.
Full Transparency
Effective relationship management requires transparency and full transparency requires data.
Firm Report Cards empower you to manage with metrics, not gut.
Flexible, customizable reporting can be shared directly with your firms, dramatically simplifying vendor management and increasing transparency.
Sharing Firm Report Cards with key internal and external stakeholders lets them know you’re paying attention and makes it easier to justify your spend decisions and display where you’re getting value.
Instant Comparisons
The Comparison Report shows how a firm stacks up against the rest of your panel across key metrics–such as overall spend, average partner and associate rate, average matter cost, and more.
Need different metrics? No problem. Customize the Comparison Report to fit even the most unique needs.
Historical Trend Analysis
The Trend Analysis Report shows how a firm has been trending over time, making it easy to see how well your law firms are managing your business.
With this information under your belt, you can instantly prioritize your areas of focus in your next QBR or conversation with your law firm.
Customizable & Shareable Scorecards
The KPIs included in Firm Report Cards are completely customizable to ensure that your legal department can score your firms on metrics you care about.
The Report Cards can also be exported to PDF and shared directly with the firm for a line of sight into how you are monitoring firm performance.
Repetitive Value Over Time
Firms are aware of the metrics they are being monitored on and where they sit relative to the other firms your corporate legal department is using.
With the help of a dedicated Bodhala Client Success representative, you’re can monitor trends in firm behavior and leverage data to increase firm efficiency and drive continuous value over time.
The Key to Successful Law Firm Relationships
Data sets the foundation for successful law firm relationships. After all, you can’t manage what you don’t measure.
Firm Report Cards put data-driven insights at your fingertips, making law firm relationship management that much easier.
So, what are you waiting for? Get in touchwith our team to learn how you can simplify your vendor management with Firm Report Cards.
