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Preparing for Reverse Auctions
Articles have started to appear from general counsel regarding reverse auctions. The title of one recent article, “Let the Competition Begin,” appeared in The Texas Lawyer on Aug. 6, 2012. The focus of the article was on the transition from hourly billing to fixed-fee providers. Although such price sensitivity is typically for brand-name and commodity services, law firms must still respond. How does a law firm prepare? Here is what needs to be done.
What Is a Reverse Auction?
Rather than companies sending out RFPs to a number of law firms, they are now using a “reverse auction” to request quotes from law firms they trust. Single points of contact within the companies are focusing their attention on getting quotes from their outside law firms on certain services. As Silvia Hodges, a professor at Fordham Law School, stated in the article, “I strongly encourage law firms to understand competitive bidding in reverse auctions.”
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Yachts, Jets, Horses & Hooch: Specialized Commercial Leasing Models
Defining commercial real estate asset class is essentially a property explaining how it identifies — not necessarily what its original intention was or what others think it ought to be. This article discusses, from a general issue-spot and contextual analysis perspective, how lawyers ought to think about specialized leasing formats and the regulatory backdrops that may inform what the documentation needs to contain for compliance purposes.
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