Service: Research Paper (writing)
Style: Other
Number of pages: 5 pages (1375 words)
Number of sources: Up to the Writer
Topic of your paper: Competitive Market Analysis – MRT Pass-Through Costs
Subject: Law
Comment:
I need a completely researched paper on the information in the document. A new layout you can include a bar or pie chart if necessary in addition see how many law
firms are using the vendors selected/examined. You will need to read the entire document first to get an understanding on the content and purpose. This will be
submitted to Bank of America so they know that our company dd our research on the selected vendors. I definitely need to see an analysis SECTION. The highlighted area
in yellow with people’s feedback, I may send their updated comments when received. When this paper in completed it should be a new look, updated layout,updated
writing, etc.. Thank you
Memorandum
Subject: Competitive Market Analysis- MRT Pass-Through Costs
Introduction
Bank of America’s MRT line of business requires its firms to perform a “competitive market analysis” to ensure that certain costs passed on to the bank are
competitive. Per the alert, this includes but is not limited to costs for services performed by process servers, court reporters, couriers, etc.. For purposes of this
analysis, we have excluded costs such as court fees and expenses, liens, bonds, travel expenses and ADR fees, as these are generally outside of Akerman’s control.
In determining which vendors/expenses to examine, a report was generated containing all costs billed to MRT over the past year. The costs were categorized into one of
the following:
Court/filing and other mandatory fees- This includes any fee incurred filing a document or instrument with a court or other government entity. This also includes HOA
liens and bonds. This category was not included in the competitive analysis as Akerman has no control over these costs.
Court reporters- This includes transcript and appearance fees for depositions and hearings. While Akerman does not always control which court reporter is chosen, this
category was included in the analysis to the extent Akerman chooses the vendor.
Delivery/courier charges- This includes special delivery services and couriers. This category was included in the analysis.
Mediation or other ADR costs- This includes mediation, arbitration or other costs incurred in resolving a matter. This category was not included in the analysis, as
these costs are often out of Akerman’s control.
Service of process- This includes costs related to serving pleadings and other court filings. This category was included in the analysis.
Title searches- This includes vendor costs associated with searching the title history of a property. This category was included in the analysis.
Travel expenses- This includes costs associated with approved travel, including mileage, tolls, accommodations, airfare, etc.. This category was not included in the
analysis as these expenses are largely out of Akerman’s control.
In determining competiveness, there were three factors examined—price, quality and flexibility. The latter factor , flexibility, refers to a vendor’s ability to offer
a broad range of service options, such as wider coverage areas or the use of technology platforms for ordering, delivery and billing, etc.
Analysis
1. Court Reporters
Vendors examined: Veritext, US Legal, Reisdorph
Veritext- This is a BANA legal preferred vendor with a nationwide network of affiliated court reporters. Akerman uses this vendor whenever practical/possible and has
negotiated statewide preferred pricing for Florida matters. Attendance/appearance fees start at $95.
US Legal- This vendor has a Nationwide presence through a network of affiliated reporters. The appearance fees start at $95.
Reisdorph- This vendor is a local to the Tampa Bay area and is generally used only by the Tampa office. The vendor is highly regarded by the Tampa office for its
quality service. The appearance fees start at $85.
Vendor competitive comparison: Esquire Deposition Services: Appearance fees starting at $90. Orange Legal: Appearance fees starting at $85.
Conclusion: The costs passed on to MRT for court reporting services are competitive. Note: Akerman does not always have a choice on which court reporter to use.
2. Delivery/Courier Charges
Vendors Examined- Nationwide Legal, All America Couriers, Special Delivery, Inc.
Nationwide Legal- Per Julie Henning, Las Vegas Office Administrator, this is the vendor of choice vs. Runners on a Dime and Legal Wings, due to its ability to meet
high-volume demand and its electronic document delivery capabilities. Prices start at $3, depending on volume.
All America Courier- Per Sandy Brown, Document Coordinator in the Miami office, this vendor was selected due to their ability to quickly turnaround requests and their
competitive fees. Roundtrip fee for a standard court run in downtown Miami starts at $29.50. Note: These services will now be used less frequently, due to the ability
to now download Miami court documents electronically.
Special Delivery Service, Inc.- Per Aubrey Montgomery, Dallas Office Administrator, this vendor was selected in 2013 over competitor, Guaranteed Express, due to its
ability to complete requests in a more timely and accurate manner. Special Delivery gives Akerman a 10% volume discount to bring it in line with its competitors. The
Dallas office has also implemented a process of requesting initial rate quotes from Special Delivery Service, Inc., for unusual service needs, or requests that may be
significantly higher than standard service requests. This has resulted in passing on meaningful savings to our clients. Prices start at $23.99.
First Legal Network- Per Arlene Martin, Los Angeles Office Administrator, this vendor was selected as part of a competitive bidding process for use in the Los Angeles
and Denver offices. This process involved bidding among several competing venders and this company was eventually selected after offering across-the-board charge
reductions, as well as agreeing to eliminate wait-time charges on standard service runs. Prices start at $21.75.
Vendor competitive comparison: Executive Express (Miami ($41.00); Runners on a Dime Las Vegas ($30); Star Fleet (Dallas $22 +fuel surcharge)
Conclusion: The costs passed on to MRT for delivery and courier services are competitive.
3. Service of Process
Cassidy & Cassidy- The Tampa office uses this vendor for process serving due to their competitive prices and quick turnaround time. Prices start at $55.
Southern Nevada Process- Per Julie Henning, Las Vegas Office Administrator, this vendor was chosen over previously used vendors due ti its completive rates and ability
to meet Akerman’s high-volume demand. Prices start at $50.
Vendor competitive comparison: APS of Nevada $60; Omni Services Florida $55; Orange Legal $57.50.
Conclusion: The costs passed on to MRT for process servers are competitive.
4. Title Searches
Vendors examined- Attorneys Title Insurance Fund, America Data Tree, Nevada Title
Attorneys Title Insurance Fund- Per Beatriz Herrera, lead paralegal in the Miami office, this vendor is used due to its superior programing and pricing, as well as
better access to documents and other information as compared to competitors. The ATIDS program licenses Akerman to obtain title information immediately and at a lower
price, compared to other vendors, most of which require additional turnaround time. Prices start at $75.
America Data Tree- Per Carol Coombs, Denver Office Administrator, the vendor is used for title searches and obtaining other recorded documents. This vendor provided
Akerman with preferred flat-rate pricing (including a substantial volume-based discount) and offers a suite of services that serve many needs across a broad region.
Prices start at $25- depending on the type of service.
Nevada Title- Per Julie Henning, Las Vegas Office Administrator, this vendor was chosen for its low rates and ease of use among the other offices assisting Las Vegas
(Salt Lake City, Dallas, Denver, Chicago, Florida). This vendor has low rates, is able to keep up with the office’s high volume and is able to quickly turn around
urgent requests. Prices start at $4.50 depending on the type of search.
Vendor Comparison: KVS Title $225. Easy Title Search $80.
Conclusion: The costs passed on to MRT for title searches are competitive.
Conclusion
Vendor costs passed on to MRT are competitive. Most of the vendors are chosen at the local level, based on the needs of the individual offices, as well as the customs,
uniqueness and jurisdictional particularities of each geographic service area. In nearly all instances, price and quality are the driving factors in determining which
vendor to select. On rare occasions and due to time constraints or other factors outside of Akerman’s control, it may be necessary to select a vendor with prices above
market rate. In these one-off instances, Akerman will make every effort to keep the cost as low as possible and seek the necessary approvals from the client and
practice group leadership. This competitive analysis will be performed at least once annually or more frequently if needed to comply with MRT requirements.
