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Infographic: Update to the Legal Industry Scorecard

A Legal Industry Scorecard

Twice a year the CounselLink team analyzes big data looking for trends in the legal market.  In addition to the macro legal spending trends – that is high-level findings in the Enterprise Legal Management Trends Report – published recently, the team also looks at a set of six key metrics.

Those metrics are rendered in the form of a “scorecard” like the one you see above and cover a standard set of benchmarks for hourly legal rates and is embedded nearby.  The goal is to monitor those key findings over time – the previous edition of the score card can be found here.

Keep in mind the data is based on actual invoices processed, rather than survey data.  Two of the key metrics designated on the scorecard nearby include:

  • Partner hourly rates by practice area:
    • Commercial and contracts: $600
    • Corporate, general and tax: $549
    • Regulatory and compliance: $485
    • IP trademark: $456
    • Finance, loans and investments: $450
  • Hourly rates by law firm size as measured by the number of attorneys:
    • 1-50: $250
    • 51-100: $325
    • 101-200: $310
    • 201-500: $381
    • 501-750: $490
    • 750+: $675
  • New perspective on alternative fee arrangement (AFA) adoption:
    • Key metric #3 demonstrates that AFA adoption has remained stable at 9% of matters and 7% of billings. However, as the report states, “data reveals that the number of legal departments engaging in alternative fee arrangements with their law firms is increasing. Three quarters (3/4) of companies used alternative fee arrangements in 2014. The percentage of CounselLink customers engaging in alternative fee arrangements has increased from 59% in 2011 to 76% in 2014.”

An infographic visualizing the macro trends in the report can be viewed here; the full report, which is well worth a read, can be downloaded at no cost with registration at the same link.

If you enjoyed this post, you might also like:
Legal Spend Trend: Big Law Winning More IP Litigation Work

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About Frank Strong

Frank Strong
Frank Strong is the communications director for the LexisNexis software division located on NC State’s Centennial Campus in Raleigh. In this capacity, he leads communications efforts in support of software products for law practice and law department management and also litigation tools – across large law, small law and corporate counsel segments. With more than 15 years of experience in the high-tech sector, Strong previously served as director of public relations for Vocus, which developed marketing, PR and media monitoring software. He has held multiple roles both in-house with corporations, ranging from startups to global organizations, and has also endured the rigors of billable hours, having completed gigs at PR firms including the top 10 global firm Hill & Knowlton. A veteran of two year-long deployments, Strong has concurrently served in uniform in reserve components of the military for more than 20 years, initially as an enlisted Marine and later as an infantry officer in the Army National Guard. Strong holds a BA in Film and TV production from Worcester State University, an M.A. in Public Communication from American University, and an M.B.A. from Marymount University. He is a PADI-certified Master Scuba Diver and holds a USPA "B" skydiving license.
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  1. […] to the Corporate Counsel update to the Legal Industry Scorecard, AFA adoption has remained stable at 9% of matters and 7% of billings.  However, “data reveals […]