LexisNexis CounselLink Releases 2019 Enterprise Authorized Administration Tendencies Report

The report highlights data-driven insights that inform company regulation departments’ decision-making.

LexisNexis® CounselLink®, a number one cloud-based enterprise authorized administration answer for company authorized departments, in the present day introduced the discharge of its 2019 Enterprise Authorized Administration Tendencies Report. Now in its sixth 12 months, the Tendencies Report relies on extra $33 billion in authorized spending comprised of practically seven million invoices and roughly 1.7 million issues. 

“CounselLink collects a wealth of knowledge that permits regulation departments to realize crucial insights into present authorized metrics traits and benchmark their efficiency towards different organizations,” stated Kris Satkunas, Director of Strategic Consulting for CounselLink and writer of the Tendencies Report. “These insights allow regulation departments to make knowledgeable enterprise choices that drive outcomes.” 

Key findings in this 12 months’s report embrace:

  • Use of other charge preparations (AFAs) has elevated during the last two years, with the share of issues that embrace a non-hourly billing element rising from 9.2% in 2017 to 12.2%, and the share of {dollars} billed underneath an AFA rising from 7.4% to eight.3%.
  • The hole between the typical companion charges on the “largest 50” companies (these with 750+ legal professionals) and people on the “second largest” companies (501-750 legal professionals) continues to widen. Corporations with greater than 750 legal professionals have billable charges which are 53% larger than charges on the subsequent tier of companies (501-750 legal professionals). This compares to a 45% hole reported in 2017, and a 40% hole in 2016.
  • Excessive-rate work is dominated by the most important 50 companies. These companies had been accountable for 74% of the billings generated by M&A transactions within the interval, 58% of finance, loans, and funding work, 55% of company, basic and tax work, and 52% of regulatory and compliance work. Combining all these issues, the most important companies had a 57% share of the work in 2018 plus the primary Four months of 2019 in comparison with a 50% share in 2016.
  • The regulation agency consolidation development has stabilized in the previous couple of years. In line with the brand new information, 61% of corporations have 10 companies or fewer accounting for a minimum of 80% of outdoor counsel charges, in contrast with 60% in 2018 and 62% in 2017.

CounselLink offers 100% visibility into all issues and invoices, giving authorized departments the flexibility to regulate prices, maximize productiveness and make higher choices. It has earned an business repute for enabling company regulation departments to make use of information successfully as a foundation for bettering authorized division efficiency and outcomes. Hyperion Analysis has acknowledged the improvements CounselLink has delivered to the market, awarding two “Market Chief” designations and two “Extremely Revolutionary” distinctions.

The complete CounselLink Tendencies report is accessible for obtain right here.

CounselLink logo; image courtesy of CounselLink.

CounselLink logo; image courtesy of CounselLink.

CounselLink emblem; picture courtesy of CounselLink.

About CounselLink®

CounselLink is a number one cloud-based software program answer for Enterprise Authorized Administration (ELM), together with work administration, monetary administration, vendor administration and authorized maintain options designed to assist company authorized departments handle operations whereas offering analytics and benchmarking instruments for higher decision-making. Knowledgeable skilled providers and product assist groups can be found to assist customers maximize the advantages of their funding. CounselLink additionally affords tiered package deal choices to deal with the distinctive necessities of each giant and small authorized departments. Uncover extra about CounselLink on-line: https://www.counsellink.com

LexisNexis logo; image from press release.

LexisNexis logo; image from press release.

LexisNexis emblem; picture from press launch.

About LexisNexis Authorized & Skilled

LexisNexis Authorized & Skilled is a number one international supplier of authorized, regulatory and enterprise info and analytics that assist clients enhance productiveness, enhance decision-making and outcomes, and advance the rule of regulation around the globe. As a digital pioneer, the corporate was the primary to deliver authorized and enterprise info on-line with its Lexis® and Nexis® providers. LexisNexis Authorized & Skilled, which serves clients in additional than 130 international locations with 10,000 workers worldwide, is a part of RELX, a world supplier of information-based analytics and resolution instruments for skilled and enterprise clients.

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