Real-world data to help you capture opportunities for substantial impact. That is what the newest CounselLink® Enterprise Legal Management Trends Report provides to your organization. For the last six years, this unique resource has allowed legal departments to understand and get ahead of legal metrics trends.
Unlike industry studies based on surveys, the data for the Trends Report is derived from a detailed analysis of invoices processed through the CounselLink Enterprise Legal Management (ELM) solution. The data is aggregated and anonymized, and legal departments using the CounselLink platform can obtain benchmarking data in far greater granular detail.
Maximize the Value of Your Legal Department
You can use the Trends Report to benchmark your own performance against other organizations, find potential areas of improvement, and support key negotiations with law firms. The latest edition of the Trends Report draws on an even larger collective stream of data than in past years. The processed invoices now comprise more than $30 billion in legal spending, almost 7 million invoices, and approximately 1.7 million matters, helping to create a more detailed view of how legal market dynamics are evolving over time.
The Trends Report tracks some of the following key metrics:
- Blended Hourly Rates and Volatility Index
- Billings Trends and Growth Areas
- Alternative Fee Arrangement Usage
- Partner Hourly Rate Growth
Watch this brief video to see highlights on the key metrics, and then download the report below to get all the data you need for actionable insights.
Realize Goals and Opportunities for Improvement
Move from idea into action with this latest data that can be used by General Counsel, legal department operations leaders, in-house counsel, and other legal professionals. The report provides a range of useful industry benchmarks for comparative analysis on performance, budgets, and spending. You can also leverage the report to have more data-driven negotiations with law firms, ensuring your legal department is getting market rates and fee arrangements.
The ELM Trends Report looks at the bigger picture, covering the importance of blended rates, volatility indexes, and geography. By providing concrete examples of what legal departments are currently doing, the Trends Report lays a factual groundwork for data-driven, strategic decision-making by legal department leadership and senior management.
Meghan Frank is the Senior Marketing Manager for enterprise software solutions at LexisNexis Legal & Professional, which includes the InterAction Customer Relationship Management and CounselLink® Enterprise Legal Management solutions. She has an extensive background in leading marketing for enterprise technology solutions, focusing on legal technology for most of her career. Meghan holds an MBA from Kellogg School of Management at Northwestern University and a Bachelor’s degree in marketing from University of Minnesota.