Legal BenchMarket International ('LBI') offers anonymous tendering services for companies in need of legal services world wide. It is a tool to compare the quality of law firms. By using this tool you will get the best quality for your money and you will save a guaranteed 15%. If not, our services are for free. The tool is the most effective means to fight Reputation Billing. Repuatation Billing is the phenomenom by which companies with a strong brand name are penalized when invoiced for services.
We use three types of benchmarks to measure the savings:
A. The historic Benchmark (what did you pay for similar services in the past?)
B. The actual Benchmark (what will you pay when you request legal services?)
C. In absence of A and B, the hypothetical benchmark. I.e. the highest bid in a tender. Or the second highest bid, if the highest bid is 25% higher than the second highest bid.
We also assist in the procurement process of legal and other consultancy services.
We write Requests For Proposals ("RFP's") in which the consultancy work to be undertaken is described in detail. This enables providers of services to accurately determine the price for which these services can be rendered.
We locate law firms and the lawyers within those firms with the required skills and competencies to be invited to submit bids. We also help by recommending alternative billing practices like fixed fees, capped fees, contingency fees where permitted and other risk sharing practices.
LBI helps Chief Financial Officers and General Counsels in determining whether outsourced services are being provided at a competitive, market price. In new geographic areas LBI can help by finding firms that may assist companies in setting up their business. In new technical areas LBI can help by identifying counsel who has the required skills. The LBI benchmark tool can help companies to reduce the number of (law) firms employed when the number of firms employed has grown beyond a reasonable level, e.g., because of mergers and acquisitions.
For Law Firms
LBI helps law firms finding an efficient and cost effective platform for show casing their abilities without the expense and time of beauty contests which require face-to-face meetings, sometimes in far away places. Only when bidders make a client's short list may in person meetings be required.
Like lawyers and law firms, consultants will benefit from an efficient tool for showcasing their capabilities and experience to interested companies. Consultants will be able to go across disciplines where they traditionally do not have easy market access.