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Procurement Market Intelligence Report

Business Law Services
Sourcing Guide & Market Trends

Comprehensive intelligence for making smart purchasing decisions

Learn about actual and potential costs

How much should I pay for Business Law Services?

What is the average price of Business Law Services?

This procurement report includes pricing information to help you purchase Business 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 Business 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 Business 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 Business 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 Business 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 Business Law Services?

According to ProcurementIQ estimates, there are 229,940 providers of business law services in the United States in 2018. Unsurprisingly, the market is highly fragmented, with the top four vendors accounting for less than 30.0% of market revenue. Most providers of business law services operate on a local basis and employ... Subscribe to learn more.

Questions to ask potential suppliers

How can I gain leverage during negotiations?

Service Performance

What checks and balances are in place to ensure that my case has received a thorough evaluation? Who completes these checks and identifies errors?

What is your reputation among clients? What steps have you taken to develop this reputation?

What credentials and certifications do you hold?

Do you have clients that are willing to provide references on your behalf? If so, how can I get in contact with them?

Employees

How do you keep your wage costs under control?

What is the average tenure of your attorneys? Do you have trouble with turnover?

Are attorneys permanently assigned to clients, or do clients work with different attorneys for each case?

How long has each member of the team you are proposing for this case been working with you?

Competition

How do you attract new clients and retain existing ones?

How does your firm maintain a competitive edge?

Has your firm completed any acquisitions during the past three years? If so, how did this expansion affect your business model?

What is your reputation among your customers and peers, and how have you developed it?

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Key elements for every RFP

What should my Business Law Services RFP include?

Project Budget

Buyers should specify their total budget for the service.

Buyers should state their preference for a pricing model (e.g. fixed price, fixed time and materials, etc.).

Selection Criteria

Buyers should prioritize 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.

Project Schedule

Buyers need to indicate the date when proposals are due.

Buyers should indicate the date by which the 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 Business Law Services supply chain?

The supply chain for business law services poses a low risk to buyers. Providers of legal services largely procure goods such as software, furniture, computers, scanners and printers from office supply wholesalers and computer stores, each of which poses a negligible risk. Although consolidation activity has been taking place within... Subscribe to learn more.

HIGH

MEDIUM

LOW