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Tag Archives: legal spend

Procurement to Play Bigger Role in High-End Legal Work

Procurement to Play Bigger Role in High-End Legal Work

“Legal delivery has gone from ‘In a relationship’ to ‘It’s complicated,’’ said Mark Cohen, founder and CEO of Legal Mosaic, during the Buying Legal Council Professional Sourcing and Management of Legal Services conference. Attorney, legal tech writer and CodeX Fellow, Monica Bay, recently reported Mr. Cohen’s insights for Above the Law. She noted procurement is about to play a bigger ... Read More »

5 Legal Spend Questions with Stuart Maue

Stuart Maue

That legal department budgets have faced increased scrutiny in the last several years isn’t new. However, how corporate legal has responded is usually interesting. The LexisNexis® CounselLink® business recently teamed up with St. Louis-based Stuart, Maue, Ltd., which provides outsourced legal bill review capabilities.  The CounselLink product is well-known for the strength of its automated bill review capabilities to review ... Read More »

UTBMS: A Breakthrough for M&A Codes

A Breakthrough for M&A Codes in UTBMS

The new M&A Codes reflect a breakthrough for measuring the cost and business value of legal work, writes contributor Aileen Leventon in this piece for the LexisNexis Business of Law Blog. In the late 1990s, the concept seemed simple enough. Clients established outside counsel guidelines which included the requirement to submit invoices through an ebilling system. Lawyers and other timekeepers ... Read More »

Practical Tips for Using Outside Counsel Guidelines

Practical Tips for Using Outside Counsel Guidelines

The cornerstone of a productive client and outside counsel relationship starts by setting clear and consistent expectations for the legal department at the outset of the client engagement. So says, Kelly Spratt-Szarzynski, senior strategic consultant on the LexisNexis® CounselLink® team. This involves developing an outside counsel guidelines document that formally communicates the legal department expectations.  These guidelines apply to all ... Read More »

Insurance: Legal and Claims Rate Metrics with Most Value

Insurance Legal and Claims Rate Metrics with Most Value

If corporate attorneys across the market are seeking a sharper understanding of legal department metrics, then they might do well to review what peers in the insurance vertical are doing to measure litigation costs. In legal and claims work, in the property & casualty insurance vertical, efficiency matters. As a result, legal professionals working in insurance claims tend to be ... Read More »

Trends in Legal Spend from a Law Department Survey

Trends in Legal Spend from a Law Department Survey

Overall corporate legal spend has increased modestly but that spend has largely gone toward inside counsel, according to the 2015 HBR Law Department Survey. Total legal spend grew by 2% worldwide – which mirrors the findings in last year’s survey.  The survey announcement provided a summary in the form of median numbers: “The median total legal spending was $27 million ... Read More »

Infographic: Law Firm Panels and Legal Industry Scorecard

Infographic Law Firm Panels and Legal Industry Scorecard

Even as the largest law firms raise billing rates, corporate counsel continues to consolidate law firm panels. The most recent CounselLink® Enterprise Legal Management Trends Report found “55% of companies in the data pool have 10 firms or fewer accounting for at least 80% of outside counsel fees.”  As the infographic, and 2015 Mid-Year Scorecard, nearby show, law firm consolidation ... Read More »

Legal Spend Trends:  Big Law Billing Rates Rising

Legal Spend Trends Big Law Rates Rising-header

A new legal spending trends report finds big law billing rates grew notably – pushing a 6% increase in the gap between the top two tiers of law firms, by attorney headcount, from 38% to 44%. Median partner rates at the “Largest 50” law firms – those with more than 750 lawyers – rose to $711 per hour, based on ... Read More »

Litigation Costs Study:  How P&C Shops are Keeping a Lid

How P&C Shops are Keeping a Lid on Litigation Costs

It’s a balancing act:  fraud versus fair settlement and loss costs with expenditures.  As far as legal departments go, those working insurance claims for U.S. property and casualty (P&C) carriers are under constant pressure to drive operational efficiency, while providing quality customer service. To find out how P&C claims shops are keeping a lid on costs, we surveyed 86 P&C ... Read More »

The Cliff Notes to 7 Current Legal Industry Studies

The Cliff Notes to 7 Current Legal Industry Studies

Legal economics, law graduate job prospects, and inside-outside relationships are just a few of the recent legal industry studies published of late.  We’ve collected and combed through the surveys, data and reports to provide an at-a-glance summary of the latest in legal trends here. Where possible we’ve also provided links surrounding these studies for those interested in additional reading. In ... Read More »