PERSUIT’s Price Benchmarking is available directly in any request within the Response Comparison table. This puts benchmarking data right where in-house teams evaluate proposals, so pricing context is available the moment it matters most. For more information on Price Benchmarking, please visit this article. 

• Getting Access to Price Benchmarking in the Comparison Table
• Navigating to Price Benchmarking in the Comparison Table
  • Matter Level Benchmarking
  • Phase Level Benchmarking
  • Not Enough Information for Benchmarks
  • Hiding and Showing Benchmarks
• How Benchmarking is Calculated
• Viewing Detailed Benchmarks

Getting Access to Price Benchmarking in the Comparison Table

To ensure Price Benchmarking in the Comparison table will be available for users, these three features must be enabled: AI Tagging, Price Benchmarking and Price Benchmarking in Response Comparison Table.

AI Tagging must be turned on by PERSUIT admins. Confirm with your designated Customer Success Manager that this has been enabled for your organization.

Price Benchmarking and Price Benchmarking in the Response Comparison Table must be turned on by users with Group Manager using our Feature Management tool. From Feature Management, these can be enabled for the appropriate team members. Visit this article to learn more about Feature Management. 

The image below shows an example of Price Benchmarking in the Comparison Table toggled on and enabled for your group within Feature Management.

Note: If any of these features are not available for your organization, please reach out to your designated Customer Success Manager. 

Navigating to Price Benchmarking in the Comparison Table

Price Benchmarking in the Comparison Table appears when the system can identify the request’s matter type and find matching benchmarking data to compare against.

Start by navigating to the appropriate request’s Comparison table within the Proposal tab. 

Matter-Level Benchmarks

You can easily see how the firm’s submitted total price of the request stacks up against industry benchmarks.

You'll see a price benchmarking range showing the 25th percentile, median, and 75th percentile for similar matters with the firm's bid clearly marked within that range, so you can instantly tell if it's competitive.

You’ll also see a percentile label that describes where the firm’s bid falls relatively to the industry distribution. In this example, this total price for this firm’s bid is Below Median. 

Phase-Level Benchmarks

You can also drill down to the phase level to see how the firm's submitted price compares to industry benchmarks for each phase.

You'll see a price benchmarking range (25th percentile, median, 75th percentile) for similar phases, with the firm's bid clearly marked so you can instantly gauge competitiveness.

You’ll also see a percentile label that describes where the firm’s phase pricing falls relatively to the industry. In this example, this phase price proposed by this firm is Below Median. 

Not Enough Information for Benchmarks

If there isn't enough data to generate a relevant benchmark at the matter or phase level, you'll see Benchmark Not Available instead of a pricing range.

Hiding and Showing Benchmarks

To show or hide the benchmarks in the table, use the Hide Price Benchmarks / Show Price Benchmarks button to the right of the table which toggles automatically based on the current view.

How the Benchmarks are Calculated

If you’d like to learn more about how the Price Benchmarks are calculated, you can click the How are Benchmarks Calculated? button.

Where Does the Data Come From?

• Benchmarks are built from real fee proposals submitted through PERSUIT
• Only Fixed and Capped Fees from final proposals are included - estimates and billable hours are not
• Prices are converted to USD and adjusted for inflation, so you're always comparing apples to apples across time
• The most recent 3 months of data are excluded as an antitrust safeguard

Bid Weighting

Bids are weighted so that more recent submissions have a stronger influence on the benchmark result - older bids still contribute, but progressively less:

• Current year: 30% (strongest)
• One year old: 25%
• Two years old: 19%
• Three years old: 12%
• Four years old: 7%
• Five or more years old: 7% (least)

Threshold Definitions

Each firm's bid is compared against the benchmark distribution and assigned one of five threshold labels:

• Well Below Median — Below 25th percentile
• Below Median — 25th to below 50th percentile
• Equal to Median — At the 50th percentile
• Above Median — Above 50th to 75th percentile
• Well Above Median — Above 75th percentile

Viewing Detailed Benchmarks

To explore the benchmarks for this matter in more detail, click View Detailed Benchmarks. This takes you straight to the Price Benchmarking feature, pre-filtered by the current Request's matter type, currency, and phases - no manual setup needed.

If you have any other questions, please reach out to our 24/7 Support Team at support@persuit.com.