Bodhala, the leading provider of AI-powered legal spend analytics, benchmarking and market intelligence, today launched the Bodhala QBR (Quarterly Business Review) Program, an affordable, low-touch way for companies to get critical visibility and actionable insights that enable better outside counsel management and cost-optimization.
Powered by Bodhala’s proprietary AI and machine learning, the QBR Program is a tech-enabled white glove service that helps corporate legal departments obtain the clarity on their legal spend that’s necessary to immediately make more strategic decisions, impacting both their spend and outside counsel management.
In addition to overall visibility, Bodhala QBRs deep dive into data associated with specific practice areas, firms and matters, exposing key trends and actionable insights. Specific recommendations include estimated ROI on everything from rate and discount optimization, to work allocation, billing guidelines improvements, and much more.
“Bodhala QBRs deliver incredible value without having to go through the process of implementing a whole new technology. We wanted to give companies an easy way to get their feet wet in legal data analytics and see how transparency and even just incremental change can drastically reduce their legal spend and eliminate budget overages,” says Raj Goyle, CEO and Co-founder of Bodhala.
The service takes hard aim at rates, as well as how work is being executed by focusing on trends in block billing, work allocation, and task-to-talent alignment. Each client works with a dedicated team of data analysts and legal analytics experts, who facilitate actionable recommendations that lead to tangible benefits, including both time and cost savings. Recommendations vary from client to client, but some of the most common include changing limitations on block billing, which forces attorneys to be more specific about time worked, discount and rate negotiation strategy, and changes to outside counsel guidelines regarding task allocation standards, so that partners are not executing work better suited for associates.
The QBR Program is the first product introduced by Bodhala since the company was acquired by Onit, Inc. in September.
“Bodhala is an extremely valuable addition to Onit and we are excited to introduce the Bodhala QBR Program to customers across the Onit family of companies including AXDRAFT, BusyLamp and SimpleLegal. It’s now easier and more affordable than ever for customers who are looking to maximize the impact that data can have on their legal spend and analyze costs in a secure way without a large commitment,” said Eric M. Elfman, CEO and co-founder of Onit.