Legal services involve the provision of advisory and technical assistance or representative services pertaining to legal disciplines. These services are offered by experts practicing law in various verticals of the legal spectrum, including corporate, labor, intellectual property, real estate, international trade, industrial, bankruptcy, and taxation law. The global demand for legal services is increasing owing to new business opportunities, changing regulatory requirements across multiple countries, and increased effectiveness in service performance. The adoption of various cost optimization services offers buyers of legal services with huge cost savings opportunities, better management, and value benefits.
The Procurement Pain Point
A leading IT service provider was facing challenges in identifying the right supplier of legal services, comparing law firms objectively, managing costs, and price negotiations. However, the client lacked the expertise and tools to carry out an in-depth assessment of the legal services market across the globe. Furthermore, the client was looking for supply market insights, cost-saving opportunities, supplier engagement models, procurement best practices, and price negotiation strategies.
Procurement Insights Offered and the Outcome
To address the client’s requirements, we followed a blended research methodology comprising of primary and secondary research backed by qualitative and quantitative data analysis. SpendEdge deployed a team of highly experienced analysts to engage in detailed discussions with procurement heads, category managers, and supplier side category heads to help sourcing and procurement professionals formulate better category strategies, enhance savings, understand supplier and market challenges, and implement best sourcing practices.
This procurement market intelligence study helped the client gain a better understanding of the supply market landscape of legal services. Our sourcing and procurement market intelligence solutions helped the IT company manage cost and negotiate price, measure the best value, manage purchasing process efficiently, devise risk mitigation strategies, and compare law firms objectively. Moreover, this study offered the client with procurement market insights, vendor capabilities, cost-saving opportunities, and the top pool of suppliers.
This procurement market intelligence case study offers information on how we helped an IT support service provider.
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