Case and Rate Benchmarking for Corporate Legal and Claims Departments

Inform and guide legal resourcing management using focused benchmarks.  Build outside counsel engagements and relationships on a sound footing.

LegalVIEW® whole case cost and rate benchmarks deliver powerful data and insights that enable corporate legal and insurance claims departments, as well as law firms, to price, plan, and manage legal services with confidence. Clients are able to compare legal performance on multiple dimensions and benchmark matter costs, timekeeper rates, and staffing allocations across a wide range of industries, practice areas, and geographies to make better-informed decisions.  Benchmark matter costs and staffing allocations against industry peers for more effective negotiations, as well as:

  • Compare and evaluate the effectiveness of pricing and staffing strategies against the market
  • Gain insight to optimize resources and staffing and design successful AFAs
  • Demonstrate value, manage costs, and improve operational efficiency
  • Improve the predictability of expenses, resource requirements, and budgets
  • Visualize data with charts and graphs in order to assess performance more easily
  • Drive value-based relationships and strengthen collaboration and communication

 

Benchmarking for Corporate Legal and Claims Departments »

Benchmarking for Law Firms »

Benchmarking for Corporate Legal and Claims Departments

Gauge matter costs and other data to improve negotiations with outside counsel and better demonstrate legal department value.

  • Comparison against similar matters provides insight into matter costs before they begin and improves certainty and predictability of legal spend

  • Enable fact-based conversations with firms to help legal and claims departments improve collaboration, and more effectively manage relations with outside counsel

  • Benchmarking capabilities allow legal and claims departments to compare their performance to their peers in order to more readily showcase successes and opportunities, as well as to demonstrate the department’s value to the organization


Compare and evaluate outside counsel performance.

  • The ability to select a combination of variables (e.g., location, matter type, matter complexity, etc.) to view how industry peers are managing their outside counsel spend allows legal and claims departments to improve decision making when sourcing their own legal services

  • Report models offer comparisons of client firms against external benchmark data, which enables consistent and transparent counsel selection and evaluation practices

  • Filterable segmentation provides insights on firms based upon location, matter type, practice area, industry served, and matter complexity to inform business decisions


 

Benchmarking for Law Firms

Gain a competitive information edge with unmatched data and insight.

  • The ability to select a combination of variables (e.g., location, matter type, matter complexity, etc.) to view how peers are pricing legal services allows firms to develop stronger, more competitive pricing proposals that secure new business and protect existing business

  • Benchmarking capabilities allow firms to compare their performance against peers using actual market data, which facilitates fact-based client negotiations and empowers firms to proactively demonstrate firm value to clients more concretely

  • Filterable segmentation provides insights based upon location, matter type, practice area, industry served, matter complexity and staffing allocation which enable the analysis required to respond to AFAs and value-based pricing requests efficiently


Deliver transparency and predictability to clients and profitability for the firm.

  • Benchmarking of similar matters  helps firms understand their competitive position with regard to billing norms, fees, rates, matter durations, and staffing models, which empowers them to develop fee arrangements and AFAs that are competitive, sustainable, and profitable

  • The solution’s depth of data and analysis arm firms with the insight needed to develop matter budgets, as well as staffing and project plans that meet client expectations and avoid surprises


 

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