Note: The following is a guest post from Daryn Teague, who provides support to the litigation software product line within the LexisNexis software division.
There are five top litigation market drivers for 2015, according to BTI:
1. Clients are settling more cases than ever before by embracing early case assessment.
2. General counsel are adding new blood by replacing existing litigation firms with new firms that help them manage their increasing caseload while spending the same or less money as in prior years.
3. The addition of more in-house counsel talent has increased scrutiny on litigation firms as general counsel conduct more thorough evaluation of their outside firms.
4. Clients are learning to manage the increasing caseload through budgeting and Alternative Fee Arrangements (AFAs) with litigation firms.
5. “Bet-the-company” work has dropped by 50% due to more aggressive settlement strategies from corporate counsel who are placing more focus on case elimination, rather than trial.
One of the more provocative trends unveiled in the 2015 outlook report is the finding that 60% of corporate counsel replaced at least one core litigation firm in 2013-2014.
BTI reports that “in their push to resolve and eliminate litigation, clients upend(ed) their roster of litigation law firms” by reassigning work to firms able to provide “faster turnaround times, more innovative approaches, better client service” and “systematic approaches to settlements, early case assessment and a sense of flexibility in approaching rates and fees.”
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What are your thoughts about BTI’s five market drivers for 2015? How do you think technology tools can play a role in helping litigation firms better serve their clients’ needs?
An important way that litigation firms can demonstrate their commitment to innovation, client service and workflow efficiency is to use industry-leading technology tools. One such tool is CaseMap®, the award-winning fact and issue management software from LexisNexis. The newly released CaseMap 11 product includes a number of enhancements that modernize the user interface in the familiar look and style of the Microsoft® Office 2013 productivity suite.
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