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Overview

To enhance the LegalCollaborator platform by incorporating auction bidding capabilities, enabling corporate legal departments to solicit competitive proposals from law firms effectively, while maintaining transparency and fairness in the bidding process.

Key Features of Auction Bidding

Reverse Auction Types

• No Transparency: Law firms can only see their bids and proposal details.
• Partial Transparency: Law firms can view their bids and competitor bid values without competitor identities.
• Full Transparency: Law firms can view their bids, competitor bid values, and competitor identities.

Auction Workflow Steps

• For Clients
  • Create legal engagement → Select auction type → Configure auction parameters → Prepare scope of work, pricing parameters, and matter guidance → Send invitations to law firms.
• For Law Firms
  • Accept invitation and indicate participation → Confirm conflict status → Submit initial response and participate in bidding during the auction.
• Real-Time Auction Dynamics
  • Law firms receive notifications if their bid is undercut.
  • Allows real-time adjustments during the auction to stay competitive.
  • Interactive Auction Dashboard with live clock.
• Outcome Integration
  • Ensures selected law firms align with pre-defined scope, pricing, and value requirements.
  • Notifications sent to the selected law firm for confirmation.

Benefits