Benchmark and Reduce Your Legal Fees Without
Sacrificing Quality Learn how to negotiate lower fees with outside counsel, create stronger billing and staffing guidelines, establish strategic alternative fee arrangements, and set up and evaluate a panel of lawyers.
How do leading general counsel respond?
An analysis of U.S. law firm billings to corporate clients, using actual invoices from 2007 to 2011, has revealed some surprising behaviors. How do leading general counsel respond?
» Learn more about the legal fee analysis.
About Real Rate Report
Several important trends emerged from our analysis of U.S. law firm billings to corporate clients:
Law Firm Rate Increases Are Accelerating:
Law firm rate increases did not stop during the recession, and the average company is now paying rate increases that are back in the pre-recession range (and accelerating).
Struggling to Control Costs:
General counsel are struggling to counter rising costs at the top end of the market - the number of lawyers billing more than $1000 an hour has almost doubled since 2009, and the largest firms in the most expensive markets are exerting their pricing power.
The vast majority of lawyers charge different rates to different clients each year. These differences are substantial (the median difference exceeds 15%, with many far higher), and suggest that general counsel are achieving very different outcomes from their cost control efforts.
Some general counsel are finding high quality advice for reasonable cost by looking outside large markets and using law firms of different sizes. These measures tend to dictate price much more than experience.
CEB's General Counsel Roundtable and Corporate Legal Exchange will work with you to benchmark and reduce your legal fees.
Benchmark Cost-Control Efforts
Compare your U.S. law firm Rates and matter staffing with Real Rate Report benchmarking data derived from over $7 billion of invoices.
See how your outside spending in each practice area compares with peer companies with our benchmarking data.
Evaluate the performance of your existing firms using criteria developed by leading general counsel.
Build a Cost-Effective Roster of Firms and Vendors
Refine the size and composition of your law firm roster using our research on the most effective panel structures.
Use data from the Real Rate Report to explore the cost saving potential of moving work to firms of alternative sizes and locations.
Refine Your Matter Management Approach
Discuss feedback on your litigation management approach, including a review of your billing and staffing guidelines, budgeting templates, and early case assessment process, with your Executive Advisor.
View evaluations of e-billing and matter management technologies by peer general counsel and learn about the system capabilities that are key to success.
Re-examine Billing Arrangements
Read our analysis of the most effective alternative fee arrangements, based on feedback from general counsel on cost and quality impact.
Uses tips, processes, and templates from peer legal departments to implement alternative fees at your company.