LONDON--(BUSINESS WIRE)--Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Global Legal Services Procurement Market Intelligence Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the professional services industry. This report breaks down the data and analysis behind the procurement of legal services and acts as an all-inclusive guide for making smart purchasing decisions.
“The legal services market is witnessing consolidation in the last few years while maintaining a demand-supply balance,” says lead SpendEdge procurement analyst Angad Singh. “The emergence of non-traditional legal service providers in accordance with the relaxation of regulatory frameworks is attracting new buyers to the market,” added Angad.
Key Report Features
|Supply Market Insights||Negotiation Strategies|
|Procurement Best Practices||Category Risk Analysis|
|Cost Saving Opportunities||Key Supplier Analysis|
|Pricing Models||Supplier Capability Matrix|
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- Plans for rapid expansion by various organizations in the automotive, fast moving consumer goods, pharmaceutical, and healthcare sectors are the primary growth driver for the legal services market.
- Obtaining the right balance between traditional and nontraditional suppliers to save costs and maintain separate tactical and strategic spend areas is important in ensuring the growth of the buyers.
- Service providers who maintain transparency in legal practices can effectively communicate the progress of pending cases and ensure effective decision making.
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Global Legal Service Pricing Trends
SpendEdge analysts have identified the commission-based pricing model to be the most widely adopted since it provides remuneration to service providers based on the outcome. It ensures a better quality of services, with a model that is beneficial to both the buyers and the suppliers.
Fixed pricing is estimated to model with the maximum potential in the market, as it can be adapted to effortlessly compare prices across suppliers in case of fixed requirements. It provides a higher level of clarity and transparency in the pricing process.
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