Today ever more legal work is delivered using Menu Priced Fixed Fees i.e. where fees for common and regular work types are pre-set without the need for detailed scoping. OMC Rate Reviewer can also compare your fixed fee quote against market rates. Even if you haven’t yet received a fixed fee (maybe you just want to set a budget), OMC Rate Reviewer can help. All you have to do is to select an advisory area, a matter category and type and OMC Rate Reviewer will compare prices at current market rates.
Whilst more legal work is priced on a fixed fee basis, hourly rate billing is still common and may still be used as the basis for fixing fees (e.g. where the price is based on an ‘hourly rate multiplied by effort’ model). OMC Rate Reviewer allows you to compare hourly rates for a range of resources (from Partner through to Paralegal) AND against a number of different “types” of legal services provider (from elite to small firms). All that is required is to select a provider “type”, an advisory area, a resource grade and OMC Rate Reviewer will compare how rates offered to you compare to market rates.
Depending on your total legal spend, you may be able to negotiate a “bulk” volume discount with your legal services provider. By simply selecting a provider “type”, OMC Rate Reviewer compares any volume discount offered by your suppliers to discounts currently being offered by similar firms. Even if you are just curious to see what discounts are available, OMC Rate Reviewer will help you with this.