NewswireToday - /newswire/ -
Raleigh, NC, United States, 2018/02/27 - Report highlights six key metrics that can inform corporate law department decision-making, in addition to other legal industry trends and insights - CounselLink.com / LexisNexis.com.
CounselLink® Enterprise Legal Management Trends Report is now available. Now in its sixth edition, the Trends Report pulled from an even larger stream of data this year. Derived from a detailed analysis of invoices processed through the CounselLink Enterprise Legal Management (ELM) solution, this resource has allowed law departments to gain an understanding of current legal metrics trends and benchmark their performance against other organizations.
The newly released report highlights six key metrics based on 2017 charges billed by outside counsel, such as billing rate trends and growth areas, alternative fee arrangement usage, and law firm panel consolidation. Insights are based on data from over $30 billion in legal spending, almost seven million invoices, and approximately 1.7 million matters processed through the CounselLink platform.
“I try to help our customers take advantage of the wealth of data that’s captured within CounselLink,” said Kris Satkunas, Director of Strategic Consulting for CounselLink and author of the Trends Report. “The Trends Report is based on $30 billion of data that we mine out of the system and present back to customers with key insights on trends that we are seeing within the industry.”
Key findings in this year’s report include:
• Continued increase in the gap between partner hourly rates for “largest 50” firms and the “second largest” firms. Firms with more than 750 lawyers have billable rates that are 45% higher than the next tier of firms (501-750 lawyers).
• Higher and more widespread rate increases than in previous years. Five major cities show rate growth of 4.0% or more.
• Stabilization of law firm panel consolidation. 60% of companies in the data pool have 10 firms or fewer accounting for at least 80% of outside counsel fees.
“The Trends Report is just one way we help legal departments become more data-driven,” said Satkunas. “The powerful legal comparative and cost-analysis database in CounselLink provides the tools and data needed to accurately benchmark and analyze performance, and our strategic consulting services are designed to help clients improve performance, optimize business process and better leverage the value of data and analytics.”
The CounselLink solution is an ELM software suite for legal spend management, matter management, legal hold, and analytics. It has earned an industry reputation for enabling corporate law departments to use data effectively as a basis for improving legal department performance and outcomes. Hyperion Research recently recognized the innovations CounselLink has brought to the market, awarding two “Market Leader” designations and two “Highly Innovative” distinctions.
About LexisNexis® CounselLink®
CounselLink (counsellink.com) is a leading cloud-based software solution for Enterprise Legal Management (ELM), including matter management, legal spend management and legal hold solutions designed to help corporate legal departments manage operations while providing analytics and benchmarking tools for better decision-making. Expert professional services and product support teams are available to help users maximize the benefits of their investment. CounselLink also offers tiered package options to address the unique requirements of both large and small legal departments.
About LexisNexis Legal & Professional
LexisNexis Legal & Professional (lexisnexis.com) is a leading global provider of legal, regulatory and business information and analytics that help customers increase productivity, improve decision-making and outcomes, and advance the rule of law around the world. As a digital pioneer, the company was the first to bring legal and business information online with its Lexis® and Nexis® services. LexisNexis Legal & Professional, which serves customers in more than 130 countries with 10,000 employees worldwide, is part of RELX Group, a global provider of information and analytics for professional and business customers across industries.