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Tag Archives: legal spend

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 »

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” ... Read More »

Legal Spend Trend: Big Law Winning More IP Litigation Work

CounselLink-ELM-Trends-Litigation-market-share-bolb

A new edition of the CounselLink Enterprise Legal Management Trends Report finds the largest of law firms – those with 750 or more attorneys – are winning market share in highly competitive IP litigation work.  An announcement published online notes: The largest firms are winning a growing share of market in IP litigation – from 36% in 2011 to 61% ... Read More »

BTI Consulting:  Areas of Opportunity for Law Firms

BTI Consulting Areas of Opportunity for Law Firms

Note:  The following is a guest post from Cindy Fox, director of product marketing with LexisNexis CounselLink. BTI Consulting recently shared its Market Outlook and Client Service Review for 2015 in a webinar. During the hour long presentation, researchers walked attendees through what they see as shifting trends in the global legal market space. Even though the outlook is more optimistic this ... Read More »