Data from ELM Solutions’ LegalVIEW database shows spending is rising even as the number of vendors declines
Houston, November 22, 2022–(BUSINESS WIRE)–The legal industry is no longer a buyer’s market. According to the latest edition of Wolters Kluwer ELM Solutions’ LegalVIEW Insights report series, corporate legal departments (CLDs) saw a 21% increase in median outside counsel over him. A new article on ELM Solutions’ Legal Leaders Exchange podcast sheds more light on that data, explores why some companies pay higher legal fees, and offers strategies for doing so. -House counsel can be leveraged to help negotiate better rates with law firm providers.
ELM solutions experts Jeffrey Solomon (Senior Director of the company’s LegalVIEW BillAnalyzer spend management solution) and Nathan Cemenska (Director of Legal Operations and Industry Insights) said that many law firms are enacted by some CLDs. It has started advocating higher rates to offset the strict cost controls that have been put in place. Pandemic. They also note that many in-house legal teams still lack sophisticated fee management programs that establish clear billing guidelines and can assess law firm bills for compliance. .
Solomon and Cemenska argue that rate increases and the resulting “sticker shock” are pushing more in the direction of technologies such as the LegalVIEW BillAnalyzer, which leverages AI to deliver up to 10% cost savings and up to 20% increases. It is theorized that it may promote CLD in We can also provide our internal teams with the industry benchmark data they need to engage in more proactive discussions with law firm providers.
“We come across many legal departments who view what law firms say as gospel because they value relationships and are afraid to have clearer arguments,” Solomon says. “But if you ask for preferential rates or discounts in exchange for more business, many companies will comply with those demands.”
“Corporate legal departments can’t afford to put rate management programs on autopilot,” says Cemenska. If so, the situation is likely to become critical within six months.
The LegalVIEW Insights program is a series of reports, blogs and webinars drawn from over $155 billion of real-world legal invoice data in ELM Solutions’ LegalVIEW database. His fifth annual LegalVIEW Insights report, published earlier this year, examines trends in vendor his mix and total external spending.
ELM Solutions, part of Wolters Kluwer GRC, is a market-leading global provider of corporate legal costs and case management, contract lifecycle management, and legal analysis solutions. The company offers a comprehensive suite of tools that meet the growing needs of corporate legal departments to increase operational efficiency and reduce costs. Corporate legal and claims departments trust its innovative technology and end-to-end customer experience to drive world-class business outcomes. Another of Wolters Kluwer GRC’s legal solutions businesses is CT Corporation. The division’s banking and regulatory compliance businesses are Wolters Kluwer Compliance Solutions and Wolters Kluwer Finance, Risk & Regulatory Reporting.
Wolters Kluwer ELM Solutions has been named a Leader in both the IDC MarketScape: Worldwide Enterprise Legal Spend Management 2020 Vendor Assessment and the IDC MarketScape: Worldwide Enterprise Matter Management 2020 Vendor Assessment. The company’s award-winning products include Passport®, one of his ELM solutions rated highest in his latest Hyperion MarketView™ Legal Market Intelligence Report, and his industry-leading SaaS and his TyMetrix® 360°, an electronic invoicing and case management solution based. Meanwhile, CLM Matrix was named a “Strong Performer” in The Forrester Wave™: Contract Lifecycle Management for Every Contract, Q1 2021 report. ELM Solutions’ LegalVIEW® portfolio of legal analytics solutions is based on the industry’s largest and most comprehensive legal cost database, containing over $150 billion in invoices.
About Walters Kluwer
Wolters Kluwer (AEX: WKL) is a global leader in professional information, software solutions and services for healthcare. tax and accounting; governance, risk and compliance; Legal and Regulatory Department. We help our clients make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer has reported annual revenue for 2021 at €4.8 billion. The group serves customers in more than 180 countries, maintains operations in more than 40 countries and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rhein, The Netherlands.
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