Wednesday, April 5, 2023: 12 p.m. EST / 5 p.m. GMT
What happens when in-house teams use reverse auctions to aid in their selection of outside firms?
According to PERSUIT’s usage data (which includes over $7 billion in proposals and $1 billion in work awarded), reverse auctions create:
- 13% reduction in price across all proposals.
- 31% savings on the selected firm (compared to market price).
- 33% reduction in price spread between firm proposals.
Reverse auctions also benefit firms, providing transparency and feedback in an area where none has existed before.
As one patent litigation partner at a Global 200 ranked firm told us:
"I absolutely love it when I get invited to an RFP with a reverse auction. It gives me real time feedback on my pricing and an informed opportunity to make adjustments to my proposal."
In this webinar, we’ll debunk five of the most common myths about reverse auctions when engaging outside counsel:
- Myth #1: The Lowest Priced Proposal Always Wins
- Myth #2: Top Firms Won’t Participate in a Reverse Auction
- Myth #3: Reverse Auctions Don't Work for Complex, High-Spend Matters
- Myth #4: Other In-House Legal Teams Don’t Use Reverse Auctions
- Myth #5: Reverse Auctions Damage Firm Relationships