On today’s episode we’re going to be talking about law, or to be more specific Big Law’s Lebron James Problem.
Big Law is Big Business. The global marketplace for counsel is almost half a trillion dollars annually. In the US alone, the legal market is estimated at $250 billion dollars of revenue with over 1 million lawyers – and let’s not forget that we mint 20,000 new lawyers each year.
As we’ll soon learn, the pricing of legal services – whether it is for fund formation, due diligence or very niche practice areas- are so opaque that the most sophisticated investors and corporates often do not know whether what they are paying for legal services is fair, and how prices compare to other star lawyers.
We’ve asked Raj Goyle from Bodhala to help us make sense of the legal pricing landscape. Raj is not your typical tech CEO. He started his career as a civil rights attorney and then served two-terms in the Kansas House of Representatives – then partnered up with his Harvard Law School buddy to co-found Bodhala, a leading legal tech platform that optimizes outside counsel spend.