PERSUIT's Rate Review Pro allows you to quickly gather, compare, and negotiate law firm rates at a global scale, achieving transparency and optimization in their legal spend.
Note: Rate Review Pro may not be available, depending on your organization's subscription. Contact your Customer Success Manager for more information.
Creating a request in Rate Review Pro differs from creating a standard RFP/RFI in the PERSUIT platform. For more information on how to create a standard request, please view this article here.
In this article, you’ll learn how to:
- Begin the Rate Review Pro Request
- Draft the Rate Rate Review Pro Request
- Send the Rate Review Pro Request
Beginning the Rate Review Pro Request
You can begin a Rate Review Pro request either through an existing Rate Review Pro Template or from the Start from Scratch option.
For either option, start by navigating to the Requests section of the main menu to find Rate Review Request.
This will take you to the template page specific for Rate Review Pro where you can find templates, either created by your organization or PERSUIT.
Using a Rate Review Pro Template
When you find the template best suited to your needs, hover and click the Use this Template button to take you to the drafting screen.
These templates will populate the drafting screen with negotiation frameworks to help you start building.
Starting from Scratch
You can also build a Rate Review Pro request from scratch. This gives you a blank request with no pre-populated information, so you have full control over every section from the start.
Click on Create New Request via the homepage or via the Requests section in the main menu found to the left of any page.
You’ll be directed to our main templates page. From here, you’ll find the Start from Scratch button at the top right.
In the drafting screen after you've selected the Start from Scratch button, you will be greeted with a Select Use Case pop up. Select Rate Review Pro and click Apply. The sections on the left of the screen will then automatically update to the Rate Review Pro format.
Drafting the Rate Review Pro Request
When in the request drafting screen, you will see three main sections to complete:
Content
The Content section gives you the canvas to lay out your rate requests.
It starts with an Instructions to Firms section, where you set the agreement's duration and dates and provide written instructions covering the overall process for every firm you invite.
Next is the Locations & Currencies in the content section, where you can specify the locations from which you want to receive rates and set your preferred currencies.
You will find the Practice Areas section after Locations & Currencies. Define the practice areas for which you want to receive rate proposals. You can either create your own custom practice areas or have the firms choose from our predefined PERSUIT practice areas. You can view this article (LINK ARTICLE) for a full list of practice areas available within the Practice Area filter.
To define your own practice areas, you must turn on the toggle: Define Custom Practice Areas. You will know that it has been turned on successfully when the toggle is purple and when the first Practice Area field appears.
You can type out your custom practice area directly in the field or choose from a selection using the drop down menu.
The Timekeeper section comes next. Add and define the timekeepers you want the firms to provide rates for - from blended rate structures to named timekeepers.
You can edit, remove and add preset Rate Card titles by using the drop down menu to view existing titles or by typing in your organization's preferred titles to receive blended rate structures.
You can also ask to receive individual, named timekeepers. Underneath the rate card titles, you'll see a toggle that allows you to have firms submit individual timekeepers. When it’s toggled on, you'll be able to set parameters around the information you're looking for when firms submit named timekeepers.
After the Timekeeper section, you’ll see the Commercial Arrangements section. This is where you can create and initiate volume-based discount conversations in a structured way as part of the firm’s proposal. For more information as to how to build Volume Discount Commercial Arrangements in Rate Review Pro, please view this article here.
The final part of the content section is the Questions section where you can ask strategic questions to help determine which firm is the best fit.
Settings
The Settings section allows you to set measures with your firms.
You can schedule the timeline of the proposal deadline here.
Note: There is currently no reverse auction functionality available in a Rate Review Pro request. Please reach out to your designated CSM if you have any questions on reverse auction best practices.
You can also tag and track your requests following your organizational processes. View this article for more information on how RFP Tracking sections work.
Create a scorecard to collaboratively review firms with your colleagues (this is optional and can be completed after the request is sent). You can view this article here for more information on the scorecard functionality.
View the Terms & Conditions applied to this RFP. If you are the Group Manager, you can manage what’s in this section. To learn more about Terms & Conditions on requests, please view this article here.
Invite
The last section is the Invite section where you can invite the firms you want to participate in providing a proposal. You can view this article for more information on how the Invite section works.
Sending the Rate Review Pro Request
Before you send out your request, you can preview what the view will be for your firms by clicking on the Preview button found at the top right title bar.
Once you have reviewed the request, you can press Send and then confirm your decision before finalizing the process.
If you have any matter specific questions or need help building out the rate review request, please reach out to your designated CSM.
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