Real-time Business Reviews

Overview

Real-time Business Reviews provide in-house teams with invaluable data and analytics on any firm that they work with in PERSUIT. These analytics help in-house teams drive greater efficiency and transparency in their review process with firms, while simultaneously improving their relationships with them.

For each firm you work with on PERSUIT, there will be three main sections:

Activity Breakdown - Overview of the firm’s activity, including an RFP performance funnel and how they compete across individual practice areas

Competitive Intelligence - Benchmarking data to help firms see how they stack up against peers, both in terms of win rates and proposal pricing

Proposal Feedback - Summary of all proposal feedback, showing each firm's average scorecard rating and comments on how they could have improved

Let's take a look at each page and what to know about the specific charts on each. 

Activity Breakdown

You can toggle your firm selection at the top of the Real-time Business Reviews page. 

Once a firm is selected at the top of the page, users will be able to see an overview of that firm’s activity for the given time period.

What to Know

• Note: You can toggle at the top right between # of RFPs and Value of RFPs
• RFPs Invited to: this is the total amount of RFPs the firm you selected has been invited to in the given quarter
• RFPs participated in: firms sometimes do not choose to participate in RFPs they were invited to (this can be for a number of reasons, including conflicts of interest or bandwidth). The resulting number here is those they choose to accept.
• RFP win rate: how many RFPs the firm won out of those participated in.
  • Note: this rate will likely differ between # of RFPs and value of RFPs
    • ex: If a firm wins 5 out of 10 RFPs, that’s a 50% win rate by count
    • If those same 5 RFPs won account for $30M in value, and all 10 RFPs participated in total $40M, that’s a 75% win rate by value

What to Know

• This is the overall RFP performance funnel that shows the break down of how that firm performed across all RFPs in the given time period.
• This chart will change to value when you toggle between # of RFPs and value of RFPs at the top right of the page

What to Know

• • The performance breakdown of RFPs by practice area. This chart at the bottom of the page is especially helpful for identifying across which practice areas this firm might have more opportunities to win or where they should scale back resources on competing if it’s likely not going to be fruitful for them. This data helps to inform future outcomes for firms.
  • Practice Area is defined by the combination of Area of Law and Service Categories defined by SALI

Competitive Intelligence

What to Know

• • Average # of Firms Participating: this is the average number of firms that participate on each RFP that this firm is invited to, including this firm.
  • Expected % of RFPs won: this is the win probability that, all else equal, this firm should achieve, based on the average number of firms they compete with.
    
    • Ex above: Since there are 2.2 total firms on average participating, the probability for this firm to win is 1 out of every 2.2 RFPs that they are invited to, or 45% of the time.
  • Actual % of RFPs won: the amount of RFPs won out of those the firm participated in
  • Lowest Price win rate: how often the lowest value RFP wins out all of the RFPs in which this firm has participated
    • This is helpful to show how often low prices factor into selection when this firm competes

What to Know

• • This chart displays actual win rate for this firm compared to other firms in its Global Rank cohort
  • Provides an inside scoop on how firms stand against their peers

What to Know

• Winning Proposal Variance (left chart): when this firm wins, how does their final proposal price compare to the average final price of other proposals. And further, how does that variance compare to other firms they’ve competed with, including those in their Global Rank cohort
  • Ex above: This firm is 25% less expensive than the final average price when they win. Most other competing firms aren’t dropping their prices as much.
• Losing Proposal Variance (right chart): when this firm loses, how does their final proposal price compare to the average final price of other proposals. And further, how does that variance compare to other firms they’ve competed with, including those in their Global Rank cohort.
  • Ex above: This firm is 3% more expensive than the average final price when they lose. Some competing firms are well above them, some are well below them in final price.

Proposal Feedback

What to Know

• Left: This is the average rating for the firm selected across all of their scorecards for the quarter. This rating is only affected when a scorecard has been provided on a firm’s proposal.
• Right: This is the average rating for this firm across all 4 main scorecard categories. Again, a firm’s ratings will only change here as they receive more scorecards on proposals.

What to Know

• This section covers how many of this firm’s proposals were reviewed during this period by the in-house team; Additionally, you’ll see how many comments were provided, by whom, and the qualitative feedback provided as a result.
• % Proposals Reviewed: this takes into account how many proposals were reviewed as a proportion of all proposals submitted. In the example above, this firm has had 2 proposals submitted and both of them (100%) have been scored and reviewed.
• Additional Comments Provided: Great way for firms to uncover more detail behind their proposals, including nuggets of information as to why they won or lost. This arms in-house teams with strategic advice for firms across each proposal and makes it really efficient to come back to these comments over time.

FAQ

Who has access?

• This feature is available to users with with both the Insights and Manager roles. If you want to gain access but do not currently have it, please reach out to your CSM directly!

How is Real-time Business Review different from Insights?

• While Real-time Business Reviews and Insights both offer in-app analytics, the two features serve a different purpose.
• The purpose of Insights is to provide clients with data on their activity on PERSUIT, including the number of RFPs created, the types of legal services being contracted, and the cost of those services. This information can be used by clients to analyze their legal spend and make informed decisions about their legal strategy.
• The Real-Time Business Review is a tool for maintaining a strong relationship between the client and any law firms the client may have contracted through PERSUIT. The aim is to facilitate a conversation between the client and the law firm during which the client can provide feedback on the performance of the law firm, including any areas where they feel that the law firm could improve.

How can I access Real-time Business Reviews?

• Users with the Insights and Manager roles will have access Real-time Business Reviews. This is located in the drop-down navigation at the top left of the PERSUIT application (see below).

I want to export this data and use it somewhere else. Is that ok? How do I do that?

• The contents of Real-time Business Review can be exported as a PowerPoint deck directly from the app. This can be done by clicking the “Export PPT” button located in the upper right corner of the Real-time Business Review page. No matter which of the three sections you are viewing, clicking the export button will export the data from all three sections.
• The “Additional Comments Provided” table can be exported in Excel format by clicking the “Export Excel” button located next to the table.

I want to present these charts in excel. What can I do?

• Currently, only the “Additional Comments Provided” table can be exported in Excel format directly from the PERSUIT app.
• If you are a client who would like to export the contents of Real-time Business Review charts in Excel format, please contact your CSM.