Recently, Bodhala was featured in an article on The American Lawyer discussing big law trends from 2017, and how they’ll shift the industry in 2018.
Consider upstart data analytics firm Bodhala, which was launched about three years ago by two Harvard Law School grads. The company started to help legal departments pull their spending and matter data together into one software platform to be analyzed so general counsels can make hiring decisions based on real-life data. Bodhala is not alone in that pursuit. Thomson Reuters’ Legal Tracker, for instance, performs a similar function.
But Bodhala’s co-founders, Raj Goyle and Ketan Jhaveri, say they’re now getting more work from law firms that want to better understand their costs. The reason: Clients are demanding more certain fees.
“The law is getting run like a business, and we are now moving into a world of value pricing where there are actually market forces at play,” says Goyle. “The law firm has to understand its data and its business in a way that it never has before.”
To read the entire article, click here.