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Optimised vendor-associated costs across geographies
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Identified billing arrangements across law firms
CLIENT CHALLENGES
- A global top 10 pharmaceutical company wanted to benchmark legal billing rates to the industry average, to reduce legal costs through better negotiation
- Key challenges were :
- The different billing arrangements across law firms and geographies
- The different charge rates based on practice area, firm size, city and experience
OUR APPROACH
- Competitive analysis :
- Examined arrangements offered by law firms and identified the preferred billing rate model
- Assessed average billing rates for job roles (partners, associates and paralegals) in each geography (the US, Canada, UK and Australia)
- Assessed average billing rates by practice area, industry, firm size, city and experience, and in the healthcare sector
- Industry demand and supply :
- Studied impact of demand and supply on legal billing rates
- Key shifts :
- Assessed key shifts in billing rate models
- Assessed key shifts in demand areas
- Assessed key shifts in supply industry
IMPACT DELIVERED
- Identified hourly billing asthe most commonly adopted billing arrangement
- Helped the procurement team reduce the company’s legal costs by negotiating billing rates, while increasing the quality of legal services
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