How to get the most from eAuctions Stacey Coote | CEO | Yerra - - PowerPoint PPT Presentation
How to get the most from eAuctions Stacey Coote | CEO | Yerra Solutions Ltd STACEY COOTE CAROLINE OGRADY Chief Executive Officer Chief Operating Officer and General Counsel +44 0203 755 5290 +44 0191 500 7832 Yerra Solutions LTD UK
STRATEGY, OPERATIONS & TECHNOLOGY FOR LEGAL & IP WWW.YERRASOLUTIONS.COM STRATEGY, OPERATIONS & TECHNOLOGY FOR LEGAL & IP WWW.YERRASOLUTIONS.COM
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STACEY COOTE Chief Executive Officer +44 0203 755 5290 Yerra Solutions LTD UK 24 Chiswell Street London, EC1Y 4YX CAROLINE O’GRADY Chief Operating Officer and General Counsel +44 0191 500 7832 Yerra Solutions LTD UK 24 Chiswell Street London, EC1Y 4YX
STRATEGY, OPERATIONS & TECHNOLOGY FOR LEGAL & IP WWW.YERRASOLUTIONS.COM
STRATEGY, OPERATIONS & TECHNOLOGY FOR LEGAL & IP WWW.YERRASOLUTIONS.COM
Typical auctions are 4-5 bidders but you can ask how many are involved and possibly see how many during event as well Prices are bid downwards Speed and savings – but let’s be honest it’s mainly savings! Average saves – 40%. Have seen saves of 70%+ and some free too! Timing – 15-30 minutes normally ( although have seen one go a day and a half! And did run one for a week once – this was due to complexity )
Plus Point:
It is generally speaking the pre-cursor to getting some actual work and I saw one firm win £5M in completely new business from an auction process and another firm win £25M as part of the panel auction process (new entrant to panel)
STRATEGY, OPERATIONS & TECHNOLOGY FOR LEGAL & IP WWW.YERRASOLUTIONS.COM
An auction is not always about price. Intelligent firms can use an auction to create a good impression with clients. General advice for auction success includes: Even if you are not bidding, always login (and login early) so you can track where you’re pricing ranks and gain valuable market intelligence Build a strategy much like you would a normal negotiation. Know your walk away position and stop bidding then. Also, be sure to know if “first place wins” or if other factors are being taken into consideration as you can then build a more robust pricing strategy Don’t bid at the last second as the bid may not go through in time. It’s not eBay and there is no advantage to bidding late The law firm’s decision maker should always be at the event
NOTE: Key Stakeholders are nearly always present at auctions so make a good impression
STRATEGY, OPERATIONS & TECHNOLOGY FOR LEGAL & IP WWW.YERRASOLUTIONS.COM
What basis is auction e. g. 1st place wins or not? What is Minimum bid decrement? What weightings apply, if any? What is your starting bid? What is your ideal price? What is your walk away position? NOTE: Weightings can make a huge difference to events! I have seen weightings of over £100K in certain events!
QUESTIONS FOR THE CLIENT WHAT YOU NEED TO KNOW
STRATEGY, OPERATIONS & TECHNOLOGY FOR LEGAL & IP WWW.YERRASOLUTIONS.COM
Don’t keep bidding just to win. Remember that your firm will have to do the work and that bids are legally binding In my time, I’ve seen firms bidding to do work for free, at really low and / or at unprofitable pricing levels, which they have later regretted Additionally some firms I worked with have staffed matters with lower level resources - as they priced the work so low - which has created a really bad impression with the client
PLAY THE GAME! Bid in minimum bid decrements to look like you are really active.
STRATEGY, OPERATIONS & TECHNOLOGY FOR LEGAL & IP WWW.YERRASOLUTIONS.COM