First, corporate legal departments are increasingly consolidating legal work with firms with between 201 and 500 lawyers - those firms that are "Large Enough" to provide the necessary level of service - and this is happening at the expense of the Largest 50 law firms or those with more than 750 attorneys. Second, these smaller firms are demonstrating comparative capabilities at lower billing rates and a greater willingness to experiment with alternative fee arrangements (AFAs).
"'Large Enough' firms with multiple office locations and diversity in practice areas generally have lower billing rates and are more willing to engage in AFAs," said
The report is based on the analysis of two million invoices valued at more than
Other key findings in the report include: "Large Enough" law firms are eating into market share of the "Largest 50." Among firms with 201-500 lawyers, referred to as "Large Enough" firms in this report, the share of U.S. legal fees paid by clients has grown from 18% three years ago (
The CounselLink business provides ELM software including matter management, legal spend management and legal hold software along with process, analytical and benchmarking consulting services. Billions of dollars in legal fees, billed to corporate legal departments by law firms of all sizes, are processed through the CounselLink solution every year.
A detailed report with graphical visualizations of the data is freely available today for download (with registration) on the CounselLink website. CounselLink will be exhibiting at booth #501 at the ACC's Annual Meeting
For more information please visit: www.lexisnexis.com/TrendsReport About CounselLink The CounselLink business is a leading provider of cloud-based software for Enterprise Legal Management which includes matter management, legal spend management and legal hold solutions designed to help corporate legal departments manage operations while providing analytics and benchmarking tools for better decision making. Expert professional services and product support teams are available to help users maximize the benefits of the branded solution. The CounselLink business offers innovative and tiered proprietary software solutions to addresses the unique requirements of both large and small legal departments. CounselLink is part of the Business of Law Software Solutions (BLSS) group at LexisNexis. Visit us online at www.lexisnexis.com/counsellink. Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20131022005406/en/
Keywords for this news article include: Software.
Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2013, NewsRx LLC
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