Auctions Gain Favor Among Companies Seeking to Hire Counsel

, New York Law Journal

   |1 Comments

An April 2012 report on alternative fee arrangements sponsored by LexisNexis and conducted by ALM Legal Intelligence found that one-fifth of approximately 140 law departments surveyed said they had instituted reverse auction or competitive bidding on high-volume and repetitive work.

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What's being said

  • Doug Woods

    There is a lot of talk here about cost savings - and that's great. But what about value maximization? Without the two-way discussion about what's truly important to the client, they are potentially missing out on tremendous opportunities to design a pricing arrangement that increases overall value. My experience with most of these RFP's/auctions is much like a few others mentioned here - simply a race to the bottom.

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