LexisNexis Legal & Professional, a provider of content and technology solutions, has launched 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.
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.
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 United States, 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.
The Counsel Benchmarking analysis is based on data from CounselLink, the LexisNexis legal spend and matter management service, which is aggregated from 2 million anonymized invoices, covering 300,000 matters from nearly 6,000 law firms and more than 80,000 timekeepers.
The companion tool, Verdict & Settlement Analyzer, enhances early case assessment and strategy planning by providing access to key verdict and settlement reports from relevant past cases. Litigation managers can quickly analyze results and data from those cases, and then generate reports to help guide decisions on case strategy, including whether to settle or litigate the matter. Together, Counsel Benchmarking and Verdict & Settlement Analyzer allow general counsel and their staffs to make more informed decisions.
Counsel Benchmarking and Verdict & Settlement Analyzer are offered to Lexis Advance customers via subscription.