Bodhala, the machine-learning powered legal spend management platform, and Mitratech, a leading global provider of legal and compliance software, today announced a partnership aimed at helping corporate legal departments control ballooning legal costs and maximize outside counsel performance.
The partnership combines Mitratech’s robust workflow and eBilling solutions with Bodhala’s proprietary machine-learning engine, allowing companies to visualize their legal spend data in new ways and unearth powerful insights that support better business outcomes.
Bodhala brings new transparency to the legal services market with its groundbreaking approach to benchmarking that combines historical invoice data from across the platform with publicly available information and proprietary third-party data to help companies drive more value for dollars spent on outside law firms.
“Bodhala is leveraging machine-learning and AI to create the much-needed catalyst to force transparency across the legal services market and give companies more control over their relationships with outside law firms,” says Raj Goyle, CEO and Co-Founder of Bodhala. “We’re excited to integrate our AI, analytics, and market intelligence tools into Mitratech’s world-class eBilling and legal compliance solutions to deliver the sophisticated insights that customers need to get the greatest impact from their outside spend.”
Mitratech offers an industry-leading end-to-end workload management and eBilling platform whose customer base includes 30% of the Fortune 500. Customers that use Mitratech’s legal compliance solutions can now get market benchmarking from Bodhala that compares only relevant firms within targeted competitive cohorts. By comparing only similar firms for similar work, customers are able to recapture market power and ensure competitive rates.
“We are thrilled that customers using our compliance solutions will now be able to augment their spending insights with Bodhala’s approach to benchmarking and analytics,” says Matt Johnson, Chief Revenue Officer at Mitratech. “Our partnership with Bodhala will deliver more comprehensive solutions that our customers are looking for, using AI to accelerate their growth on the legal operations maturity curve and become more sophisticated in their approach to legal spend management.”
Bodhala is a data analytics and technology company founded to provide in-house counsel and their legal operations teams with spend optimization solutions and real-time market intelligence. Bodhala’s platform applies data science, machine-learning, and AI to help companies find the right lawyer, at the right firm, for the right price. The company, headquartered in New York and founded by attorneys, serves clients across the Fortune 500 and critical services economy industries. Bodhala was named by the Financial Times as One to Watch in Legal Technology. For more information, visit bodhala.com.
Mitratech is a proven global technology partner for corporate legal, risk, and compliance professionals, offering a proven portfolio of end-to-end solutions that spread operational best practices throughout the enterprise, standardizing processes and accelerating time-to-value. That helps legal and GRC teams rise to the challenge of serving the evolving needs of the modern, dynamic enterprise. For more info, visit mitratech.com.