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Dogandpony.com: GE Unit Holds Online Bid Contest to Trim Outside Counsel
In a bold experiment, Stamford, CT-based General Electric Commercial Finance is buying outside legal services over the next 2 years through reverse-auction bidding ' in Internet chat rooms ' this month.
GECF General Counsel J. Keith Morgan notified a select group of law firms earlier this fall that the company will be switching to competitive bidding to “strengthen our strategic relationship with a smaller number of world-class firms.”
With approximately 18,000 employees in 35 countries, GE Commercial Finance is one of GE's largest business units. GECF officials declined to comment on the “proprietary” process until the bidding is over. Spokesman John Oliver also declined to identify any invited bidders.
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