Speakers

Legal Panel Refresh: Using Data to Drive Down Prices

Legal costs are rising every year, but your budget is falling. You don’t have enough work to drive volume discounts. It’s years since the Panel was refreshed, and it’s hard to shift from experienced Panel firms with ever-increasing fees. There’s no reliable data on what you’re spending on what kind of work. How do you cut costs while maintaining quality and continuity? How do you find out what firms actually charge? We’ll explain how we used a data-driven approach to reduce fees, secure stakeholder involvement and set the RFP in a wider context of external spend reduction.

• Context: setting your RFP in the context of a wider spend reduction strategy
• Categorisation: understanding how much is being spent on what
• Stakeholder engagement: making sure the leadership team and the lawyers come on the journey
• Market data: getting information about firms and what they charge
• RFP drafting: crafting the RFP to get savings and maintain quality

3 Key Learnings

1. How to understand legal spend where good data is lacking
2. How to craft a Legal Panel RFP to reduce costs
3. How to bring stakeholders with you in a change exercise involving your Legal Panel