LexisNexis® Legal & Professional, a leading provider of content and technology solutions, today announced LexisNexis ® Counsel Benchmarking, a new analytical tool that delivers law firm rate benchmarking data, enabling general counsel to anticipate the cost of potential litigation and make informed decisions on litigation strategy and spend. Part of the Lexis Advance® portfolio of leading-edge legal research and productivity solutions, LexisNexis Counsel Benchmarking provides analytics for matter costs, hourly rates and alternative fee arrangements (AFAs), based on data pulled from millions of legal invoices.
LexisNexis Counsel Benchmarking pairs with LexisNexis® Verdict & Settlement Analyzer to help general counsel, legal operations directors and litigation practice group leaders determine litigation strategy. By using insights from the largest collection of verdicts and settlements along with rate and matter benchmarking data, attorneys can compare the expense of litigating versus settling a matter.
“With ongoing pressure to reduce legal department costs, general counsel at corporations of all sizes are focusing on managing their spend while controlling risk,” said Justin Silverman, senior director and Counsel Benchmarking product lead at LexisNexis Legal & Professional. “The powerful combination of Counsel Benchmarking and Verdict & Settlement Analyzer gives corporations robust data on outside counsel costs, hourly rates, matter durations and verdict and settlement outcomes, enabling them to make more informed decisions on law firm selection and litigation strategy.”
Counsel Benchmarking can assist legal department management in selecting the best representation at the best rate by providing an overview of trends in hourly rates across the U.S. and the ability to drill down across several variables, including law firm size, industry, geography, matter type and timekeeper level. The tool also helps determine the most appropriate and cost-effective fee arrangement by analyzing data on how frequently AFAs are used for various matters. Its visual interface guides users to the specific data they need, displayed in easy-to-read charts and graphics, for quick and simple analysis.