CUSTOMER: Top Private Equity Firm, Mega-fund Sponsor
After completing a YoY Rate Analysis and Benchmarking exercise with Bodhala, our client knew that their AmLaw 20 firm was charging them a premium, compared to market rates. They had a long-standing, trusted relationship with the firm and their elite partners were performing well, leading to extremely positive outcomes.
Even if negotiating saved them money, the GC wondered if it was worth rocking the boat with their most important legal partner. How could they manage their rates while still maintaining the relationship?
Bodhala Solution: The actionable data from their YoY Rate Analysis and Benchmarking exercise empowered the client to take ownership of the relationship and process.
The client’s dedicated Client Success Manager provided them with a strategy, explaining what they should negotiate and prepared them with a talk track based on data-driven insights.
Client Lift: The client set up a meeting with their relationship partner to talk shop, discuss their ongoing relationship, and review their rates.
Law Firm Response: After the meeting, the firm came back with a counteroffer. The client and firm met one more time and sent a few emails to finalize terms and come to an agreement.
RESULT: 75% RATE REDUCTION
The law firm decreased the proposed rate increase from 12%+ to 3%, leading to eight-figure savings for the client!
Key Takeaways: While rate conversations used to be uncomfortable without data, with Bodhala the conversation goes from a qualitative one to an objective, data-driven discussion.
You deserve best-in-class, market-driven rates – especially from firms with whom you have tight-knit relationships and send large volumes of work.