Learn about actual and potential costs
How much should I pay for Bankruptcy Law Services?
What is the average price of Bankruptcy Law Services?
This procurement report includes pricing information to help you purchase Bankruptcy Law Services. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.
Has the price of Bankruptcy Law Services been rising or falling?
Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.
I’m not ready to purchase Bankruptcy Law Services yet. Will I pay more if I wait too long?
We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.
What other costs are associated with purchasing Bankruptcy Law Services?
Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Bankruptcy Law Services with a reduced risk of unexpected costs.
See how we display average pricing information, trends and market data.
Find the vendor to meet your needs
Where can I purchase ?
Law firms that provide bankruptcy law services have a low level of market share concentration due to the vast number of suppliers operating in the United States. There are more than 400,000 law firms providing bankruptcy law services operating in the United States in 2020, causing a high level of... Subscribe to learn more.
Questions to ask potential suppliers
How can I gain leverage during negotiations?
Experience and Expertise
How long have you provided these products to your longest-tenured client?
What qualifications does your staff have and what measures do you take to keep those qualifications up to date?
What industry do you most commonly supply this product for?
To what extent will ordering multiple products from your firm allow me to save on costs?
What is your repeat business rate for businesses in my industry and how does that compare to your overall rates?
Supply Chain Risk
Over the past three years, what percentage of your revenue has been dedicated to raw input materials? How has that changed?
Has the availability of raw materials tightened due to the coronavirus outbreak?
Over the past three years, what percentage of your revenue has been dedicated to labor?
How have fluctuations in input prices affected the prices of your products during the past three years?
How do you mitigate sudden price increases in raw materials?
When input prices rise, how much of the cost is absorbed by you and how much is passed onto buyers?
How, if at all, has your supply chain been affected by import tariffs levied in 2018?
How do you manage regulatory change? Do you have regulation advisers or methods to track regulation?
How have changing regulations influenced your pricing now and how will the changes affect prices over the life our proposed agreement?
What ongoing training procedures do you provide for your staff?
Have you ever been found to be noncompliant with regulatory frameworks?
Amid widespread health concerns during the COVID-19 pandemic, what contingency plans are in place to mitigate risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?
How do the attorneys stay up to date with current bankruptcy laws for the states in which my company operates?
Does your firm have experience with international bankruptcy filings?
In which states can your lawyers practice law?
With which states' bankruptcy laws are your attorneys most knowledgeable?
How does your firm maintain a competitive edge?
What is your reputation like among customers and peers, and how have you developed it?
What is your client turnover rate? How long do your contracts last, on average?
Has your firm completed any acquisitions in the past three years? If so, how did this expansion affect your business model?
What checks and balances are in place to be sure that my project has received a thorough evaluation? Who completes these checks and identifies errors?
Who normally identifies errors when they occur?
How do you balance quick turnaround times with maintaining maximum possible accuracy?
How often do you find errors after documents have been finalized?
What is your process for obtaining feedback from clients?
Who are your top five clients?
Have you had any previous experience with clients specific to the market in which I operate?
Do you have clients that are willing to provide references on your behalf? If so, how can I get in contact with them?
What qualifications do you look for when hiring new attorneys?
How do you retain qualified lawyers?
Do you anticipate staff turnover will affect my case?
How does your firm mitigate the risks of employee turnover?
What cost-saving measures do you employ at your firm?
Who is in charge of maintaining the budget on projects? Is it someone on the key team, or an outside eye?
What contingencies are built into your budget and how frequently are those contingencies used?
What is the ratio of manager pay to entry-level employees?
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Key elements for every RFP
What should my RFP include?
Buyers should specify their total budget for the service.
Buyers should specify their budget for all added fees for travel.
Buyers should state their preference for a pricing model (e.g. fixed price, fixed time and materials, etc.).
Buyers should prioritize bankruptcy law firms that are located nearby to reduce lead times.
Buyers should ask for a list of references from current and former clients.
Buyers should reference the Buying-Decision Scorecard section of this report for key criteria to consider when evaluating providers.
Buyers need to indicate the date when proposals are due.
Buyers should indicate the date by which the bankruptcy law service must commence.
Buyers should specify the desired contract length and the potential for contract renewals.
Evaluate major factors to mitigate risk
How risky is the supply chain?
The market for bankruptcy law services experiences a low level of supply chain risk. Because purchases only account for an estimated 1.7% of the average supplier's revenue, the risk levels of upstream suppliers have a minimal effect on bankruptcy law services. Legal services are heavily labor-driven, and market wages have... Subscribe to learn more.