The CounselLink business, a leading provider of Enterprise Legal Management (ELM) software, published a report today finding that “Large Enough” law firms – those with between 201 and 500 attorneys – are increasingly winning market share at the expense of the largest U.S. law firms. The underlying drivers for the shift in market share center on corporate law’s consolidation of legal work and that “Large Enough” law firms tend to provide a similar value at a lower cost. In addition, the “Large Enough” law firms are more willing to experiment with AFAs.
First, corporate legal departments are increasingly consolidating legal work with firms with between 201 and 500 lawyers – those firms that are “Large Enough” to provide the necessary level of service – and this is happening at the expense of the Largest 50 law firms or those with more than 750 attorneys. Second, these smaller firms are demonstrating comparative capabilities at lower billing rates and a greater willingness to experiment with alternative fee arrangements (AFAs).
“‘Large Enough’ firms with multiple office locations and diversity in practice areas generally have lower billing rates and are more willing to engage in AFAs,” said Kris Satkunas, Director of Strategic Consulting with LexisNexis® CounselLink® and principal author of the report. “As a result, corporate law departments are finding the same value from this size law firm for less or at least more predictable costs – and that is driving the migration of legal work into this segment of the law firm market.”
The report is based on the analysis of two million invoices valued at more than $10 billion in legal fees, for legal work performed on approximately 300,000 matters. These invoices are processed by a wide range of corporate legal departments by submitting them through LexisNexis CounselLink software.
Other key findings in the report include:
The CounselLink business provides ELM software including matter management, legal spend management and legal hold software along with process, analytical and benchmarking consulting services. Billions of dollars in legal fees, billed to corporate legal departments by law firms of all sizes, are processed through the CounselLink solution every year.
A detailed report with graphical visualizations of the data is freely available today for download (with registration) on the CounselLink website. CounselLink will be exhibiting at booth #501 at the ACC’s Annual Meeting October 27-30, 2013 in Los Angeles and will have representatives on hand prepared to discuss the reports’ findings. Finally, the CounselLink team will host a live webinar with researchers that will present the reports’ findings on November 13, 2013.
For more information please visit: www.lexisnexis.com/TrendsReport
The CounselLink business is a leading provider of cloud-based software for Enterprise Legal Management which includes matter management, legal spend management and legal hold solutions designed to help corporate legal departments manage operations while providing analytics and benchmarking tools for better decision making. Expert professional services and product support teams are available to help users maximize the benefits of the branded solution. The CounselLink business offers innovative and tiered proprietary software solutions to addresses the unique requirements of both large and small legal departments. CounselLink is part of the Business of Law Software Solutions (BLSS) group at LexisNexis. Visit us online at www.lexisnexis.com/counsellink.
|Dole Food Going Private Proposal Investigated by the Securities Attorneys at The Briscoe Law Firm and Powers Taylor, LLP (2013/8/12)|
|Globecomm Going Private Proposal Investigated by the Securities Attorneys at The Briscoe Law Firm and Powers Taylor, LLP ()|
|Trunkbow Going Private Proposal Investigated by the Securities Attorneys at The Briscoe Law Firm and Powers Taylor LLP (2013/12/11)|
|Lifshitz Law Firm Announces Investigation of Eastern Insurance Holdings, Inc., Home Federal Bancorp, Inc., L&L Energy, Inc., and MTR Gaming Group Inc. (2013/10/9)|
|Lifshitz Law Firm Announces Investigation of Active Network, BioScrip, Inc., Edgen Group Inc., Flow International Corporation and Zoltek Companies, Inc. (2013/10/9)|
|Lifshitz Law Firm Announces Investigation of Corrections Corporation of America, Edwards Lifesciences Corporation, Mac-Gray Corporation and Unilife Corporation (2013/10/15)|
|Lifshitz Law Firm Announces Investigation of Achillion Pharmaceuticals, Inc., ARIAD Pharmaceuticals, Inc., Brazil Fast Food Corp. and Camco Financial Corporation (2013/10/13)|
|Lifshitz Law Firm Announces Investigation of Atossa Genetics, Inc., Francesca's Holdings Corporation, Greenway Medical Technologies, Inc., and PVR Partners, L.P. (2013/10/12)|
|Lifshitz Law Firm Announces Investigation of Blyth, Inc., Consolidated Graphics, Inc., General Cable Corporation and Washington Banking Company (2013/10/30)|
|Lifshitz Law Firm Announces Investigation of Cole Real Estate Investments, Inc., Investors Capital Holdings, Ltd., NTS, Inc., Symmetricom, Inc. and Tellabs, Inc. (2013/10/30)|
|Start Premium Trial||Register For Free|
|P||F||Fund Financial Data (13,000+ funds)|
|P||F||Stock Financial Data (7,000+ stocks)|
|P||F||Stock and Fund Screeners (basic)|
|P||F||Investing Articles and Market Commentary|
|P||F||Articles Archive (>30 days)|
|P||F||Discuss (dozens of stock, fund, bond, and general bulletin boards)|
|P||F||Portfolio Manager (basic)|
|P||F||Morningstar Investment Classroom|
|P||F||Access Your Portfolio Anytime, Anywhere via Your Mobile Device|
|P||Morningstar Fund Analyst Reports (full research on 1,700 funds, ETFs, and CEFs)|
|P||Morningstar Stock Analyst Reports (full research on more than 1,100 stocks)|
|P||Portfolio Manager (advanced with 10 X-Ray analyses, including recommendations)|
|P||Portfolio Monitor (monthly and on-demand personalized portfolio statements)|
|P||Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)|
|P||Morningstar 5-Star Stock and Fund Favorites & Red Flags eNewsletters|
|P||Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)|
|P||Discounts on Morningstar newsletters, books, seminars, and more|
Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.
Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.