First episode of the Wolters Kluwer ELM Solutions Legal Experts Exchange podcast with me and my colleague Matt Kivlin. In this episode, we focus on Volume 2 of LegalVIEW Insights` recurring report series, all based on data gleaned from the LegalVIEW data warehouse, the world`s largest repository of legal performance data. The findings discussed are as follows: 1. Total legal expenditures are highly volatile at the individual level of CLDs, with 29% of LTUs varying by 90% or more between their highest and lowest year over a 5-year period; 2. Despite volatility at the individual level, neither average nor median spending increased significantly over the 5-year period studied. Personally, I think #2 happened because all the clients studied had mature e-invoicing for at least 6 years, and they worked hard to control costs and it worked. Listen to the podcast to hear these and other possible explanations. #legalops #legaltech #makelawbetter lnkd.in/gh7A4PV Big Law fosters a culture where money is all that makes employees dependent on ever-higher salaries,” he said, adding that EY`s strategy for finding the best people is to provide the best career offer. lnkd.in/eFwBNiAW #legaltech #legalops #makelawbetter financial services companies are among the best, when it comes to cutting expenses, and part of that reason is that they continue to use lesser-known businesses outside of the Am 200 law that have much lower rates.
There is a rhetoric that the biggest companies only want to use the biggest, but the statistics don`t prove it. Big financial services companies use a lot of big companies, but they also send a lot of work to companies you`ve never heard of. In fact, 48% of the expenditure is not covered by the 200 Am law. Some goes to Magic Circle companies, ALSPs and other big names, but 36.5% goes to these lesser-known companies. The full report can be downloaded here: lnkd.in/gpJRJC4T Thanks to Andrew Maloney of The American Lawyer for the report and Frank Ready for organizing the call. #legalops #legaltech #makelawbetter lnkd.in/g55r8GAz Join legal experts Jeffrey Solomon of Wolters Kluwer ELM Solutions, Tim Strong of Kroll and myself on Wednesday of this week at 2 p.m. (Eastern Time) to discuss the challenges of 2023. We received questions in advance and will record more during the live session. Lots of questions about inflation, cost control, rate management, and the type of KPIs that the company`s legal/claims departments focus on. Should be good information.
Registration link below. #legalops #legaltech #makelawbetter It seems to me that there is so much fruit at hand that a legal department can make big profits without having an ounce of creativity. Price management is one of those areas where a little common sense is all you need. For starters, consider that the person who negotiates prices for outside counsel is not the same person who played nine holes with an outside lawyer last weekend. Many thanks to Hugo Guzman for the report and Frank Ready for the connection. #legalops #legaltech #makelawbetter banks tend to have invested more than average (corporate legal) in the people, processes, and technology around price management, and some have legal experts dedicated to pricing, access to rate benchmarking, centralized control of interest rates, or all of the above.” indicates the Wolters Kluwer report. This is in stark contrast to other organizations, some of which are not even attempting to exercise centralized control but to decentralize collective bargaining to in-house lawyers, many of whom lack the skills, courage, desire and/or temperament to adopt an independent tone in collective bargaining – with all too predictable results. â The report was continued. Full report here: lnkd.in/gpJRJC4T Thanks to Lyle Moran of Legal Dive for the report and Frank Ready for the connection.
lnkd.in/gx7GZw6s “Legal Leaders Exchange”, a new podcast from Wolters Kluwers ELM Solutions.This podcast series has been created to provide information on optimizing legal processes for corporate and insurance law professionals. We`ve created this podcast to connect you on some of the most valuable and useful developments in the world of legal affairs. We bring you insights from our leaders and experts to help you streamline the operation of your legal or insurance department and keep you up to date with the latest industry trends and updates. Subscribe to the podcast and join us for future episodes that focus on the data, processes, and technologies that enable your legal operations employees to work more efficiently and achieve your company`s business and legal goals. We look forward to providing you with the latest industry information, expert insights and best practices. The expansion of legal technology over the past five years has been a good thing, but expansion that is not well managed is not growth, it is a cancer. Do you understand all the capabilities of the technology you already have? Are you getting all that value? Are your processes useful? Do you even know what your processes are? If the answer to these questions is “no,” a shiny, shiny object is unlikely to save you from your trouble. It`s time to hit the reset button and get your house in order. Many thanks to Cassandre Coyer for the report and Frank Ready for the connection. #legalops #legaltech #makelawbetter lnkd.in/gBTB5qBs Now available as a free download: LegalVIEW Insights, Volume 5: Finance Edition, which continues my company`s investigation into what the statistics say about this industry, one of the best – if not the first – buyers of legal services in the world. In addition, unlike corporate general legal services, which suspended the use of 16% of their providers in 2020 and 8.6% in 2021, financial services firms have experienced most of their supplier reductions from the years before the pandemic, although they have continued to make reductions to date. If you work in a corporate law department in the financial services industry, check out the following webinar that will take place in two days, on Wednesday 5, 1-2 years from the East with my colleague Richard Brzakala from CIBC, a major Canadian bank.
We`ll discuss the above topics, as well as many others, including the fact that ALSP usage nearly tripled in dollar terms from 2019 to 2021. Registration link below. I hope you can participate. #legalops #legaltech #makelawbetter lnkd.in/gmjG4WBC It`s again this time! Collective bargaining Season-yay! Are you ready? How do you define a “profit” in interest rate negotiations? Is it the amount of a “discount” you received? Did you know that “discounts” are not real? These are pseudo-benchmarks invented by law firms to shape price negotiations in their favor. The more they increase the pseudo-benchmark, the more you can go home thinking you`re such an alpha, when in reality you`ve just been taken to the cleaners. It may be time for you to find another anchor for benchmark interest rates.