Case Study: SEC Matter Portfolio Experienced a 66% Cost Reduction
- Law Firms
Client
Luxury Automotive Manufacturer
Location
Global
Client need
Identify Cost Reductions
The client needed to bring more transparency and competition to their Outside Counsel selection process, which would in turn provide material cost savings on Law Firm spend.
Client solution
A Structured Competitive Process for Bidding Legal Services
Epiq’s RFP-as-a-Service evaluated the client’s preferred firms with side-by-side comparisons across eight top-tier candidate firms. Epiq experts managed the RFP process in two rounds of pricing requests, providing guidance on RFP structure and content. The client realized a 66% cost reduction over the incumbent engagement by adopting a data-driven approach to Legal procurement.
Why Epiq
With Epiq’s fixed-price RFP-as-a-Service, the client could pilot a technology-driven competitive bidding RFP process without an annual license requirement. Epiq experts augmented and supported the client’s legal procurement team, increasing visibility, understanding and analytics into their scope and pricing negotiations with properly vetted firms.
Results and Benefits
66%
cost reduction on a SEC matter portfolio
20X
ROI from the investment in RFP-as-a-Service
Increase
In legal procurement process maturity