Reverse Auctions, Reimagined: How ExxonMobil Makes Them Work

Reverse auctions have a reputation problem. Many see them as a “race to the bottom,” but as Drew Ward, Managing Counsel, Legal Operations at ExxonMobil, explains, that perception doesn’t match reality.

In this PERSUIT webinar, Ward joins Will Holman, Senior Manager, Legal Advisory at PERSUIT, to unpack how ExxonMobil has run 186 matters through PERSUIT—70 of them with reverse auctions—and what the data really shows. Ward shares how reverse auctions have helped ExxonMobil build fairness, transparency, and alignment with the business, not just drive costs down.

Ward emphasizes stewardship: law departments today are expected to show value, make data-driven decisions, and compete just like any other part of the business. Reverse auctions, he says, allow firms to “sharpen their pencils,” showcase strategy, and even win at higher prices when they bring the right expertise to the table.

Supporting data underscored the point: across all auctions on PERSUIT, the lowest bid wins less than half the time, while nearly one in five matters go to the highest bid.

The conversation tackles the biggest myths—from bias in firm selection to fears of short-term thinking—and shows how a thoughtful auction process strengthens partnerships instead of straining them.

For legal departments looking to modernize sourcing and align with business expectations, this webinar offered a masterclass in running fair, data-driven competitions that strengthen—not strain—law-firm relationships.

Watch the replay to see how data, transparency, and strategy are reshaping the future of legal sourcing.