Bodhala hosted its first executive roundtable on Sept. 17, 2019 at the Palm West Side.
Joined by legal department heads from leading private equity and asset management firms, Bodhala co-founders Raj Goyle and Ketan Jhaveri led an executive roundtable discussion on the history, trends, and opportunities afforded by the impact of big data in the world of Big Law.
Bodhala leadership hosted the event at the Palm West Side in New York’s Theater District.
“We were so lucky to invite and interact with a diverse set of thought leaders in the PE space,” Goyle said. “AI-powered data has become a force multiplier in so many industries, and the law is no exception. What we learned from our dinner was how anxiety over the lack of transparency in legal spend has affected our clients.”
Goyle said the listening session helped provide entre for future collaboration.
“Just like every other vertical, these companies don’t want to expend unnecessary resources because of friction with vendors,” Goyle said. “Our machine learning platform makes their work easier, makes their staff more nimble, and helps them achieve maximal, and more predictable, value in their spend.”
Legal billing has long been a pain point for major legal spenders such as major conglomerates, complex private equity firms, and asset management companies.
Indeed, “law firms, in all honesty, are terrible at [billing],” said Alex Dimitrief, former general counsel of General Electric. Goyle and Jhaveri created Bodhala to bridge that gap.
A centerpiece takeaway from the dinner was this free whitepaper on how to immediately improve your outside counsel’s billing practices, potentially saving millions of dollars, year over year. It’s the first of an ongoing series on what Bodhala says is the idealized legal department of the future.
Finally, here are three key takeaways we heard in this discussion:
- “If law firms were a stock, I’d buy them in a heartbeat.”
- Fact is, if you consider the yearly, almost guaranteed revenue and profit growth of major Big Law firms, it’d be a no-brainer investment. Want proof? Check out this story from The Wall Street Journal that explains the culture shift in elite law firms, where “money and data rule.” (Bodhala’s proprietary data plays a starring role.)
- Our clients not only appreciate our world-class tech and service, but our depth of experience.
- We are proud that our unique machine learning and deep neural network technology is changing the game for our clients. But more than that, we take deep pride in our domain expertise. With decades of experience in Big Law firms and in-house counsel, our team’s knowledge enriches our product and service offering in ways that maximize value for our customers.
- The legal industry is moving and changing in big ways. Corporate legal departments are demanding accountability. The message to firms? Adapt or die.
- At Bodhala, we’re proud to be driving change in removing friction and adding transparency and accountability to our clients’ legal spend. Accordingly, some forward-looking firms are starting to acknowledge this change is real. The longer it takes for law firms to adapt to this reality, the harder the transition will be. The inverse is also true: the leaders in the change will be better positioned for success in the near term.
For more information on Bodhala, and how to get maximum value from your legal spend, email [email protected].
Bodhala is a groundbreaking legal technology platform created by lawyers to transform the half-a-trillion dollar global legal industry. Our platform refines organizational processes by empowering your legal team with deeper insights that allow you to better analyze, interpret and optimize outside counsel spend, trailblazing a new era of legal market intelligence. For more information visit www.bodhala.com
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