2:15pm- 3:15pm - Rate Negotiation Secrets: Why There is Variability Among Purchasers of Outside Legal
Did you know that the mean hourly rate paid by some corporate law departments (CLDs) is almost 60% less than the mean rate paid by peers in the same industry? Is there a reasonable explanation for this difference? What are the successful CLD’s doing to better manage their rate negotiations?
In this session, hear industry veterans engage in a lively discussion structured around a groundbreaking analysis of rate data from LegalVIEW - the largest body of legal performance data in the world-- that anonymously ranks some of the largest, most sophisticated corporate law departments in terms of how effective they are at obtaining favorable rates. We will show that many CLDs are likely overpaying on rates, others are likely underpaying, while still others appear to be over- or underpaying but actually have good reasons for their rate structure.
We will also examine the key factors that determine hourly rates and talk about strategies and tactics you can deploy if you are serious about locking down truly competitive rates to make you a hero in your legal department.