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Since 2013, the CounselLink Enterprise Legal Management (ELM) Trends Report has helped corporate legal departments gain the edge they need to plan and operate efficiently with six key metrics related to hourly legal rates and the corporate procurement of legal services. By analyzing the report—evidence collected from six key industry metrics—firms can get ahead of legal metrics trends. Legal departments using LexisNexis® CounselLink® can procure these detailed benchmarking parameters with data that is aggregated and anonymized.
We recognize that our industry has changed dramatically in the past six months, and you need the most accurate, relevant data possible to react to a new and uncertain environment and prepare for the future. The latest Trends Report gives you just that. While we collected metrics throughout 2019 that are still applicable today, we also analyzed additional data sourced from CounselLink through May 2020, including:
- Nearly $35 billion in spending
- Almost 7 million invoices
- More than 1.7 million matters
Because the Trend Report’s information comes from detailed analyses of invoices processed through the CounselLink ELM solution, the results are robust and more accurate than from surveys.
Compare your performance, budgets, and spending to similar departments
The 2020 Trends Report can be used by General Counsel, legal department operations managers, and in-house counsel, providing a detailed historical and up-to-date view of how legal market dynamics have evolved. Data from this report helps uncover potential areas of improvement by giving you examples of specific practices other legal departments are implementing. With a dynamic view of the legal environment, you’re able to hone decision-making—not just reacting to trends but staying ahead of them.
Among the key metrics the Trends Report tracks are:
- Blended Hourly Rate for Matters
- Law Firm Consolidation & Legal Vendors
- Alternative Fee Arrangement (AFA) Usage
- Partner Hourly Rate Growth
Let’s start with a short video highlighting several of the key insights:
Download the Full Report: Detailed Metrics, Recommendations, Executive Highlights
Find more detailed information on these six metrics, including dynamic charts in the full version of the CounselLink ELM Trends Report. You’ll also find:
- Executive highlights
- Trends in the changing legal landscape
- Recommendations for looking ahead
- And more
The Trends Report is now available and serves as a guidebook for best practices, leading your department to greater success.
Elizabeth Grotzke is the marketing manager for CounselLink at LexisNexis Legal & Professional. As an experienced marketer with 10 years working in enterprise software, she is dedicated to creating meaningful brand experiences. She holds a Bachelor’s degree in Marketing from the University of Rhode Island. Having grown up on the Cape, she is an avid beach goer and Cape Cod Potato Chip enthusiast.