LexisNexis Counsel Benchmarking provides analytics for matter costs, hourly rates and alternative fee arrangements(AFAs), based on data pulled from millions of legal invoices. Along with LexisNexis(R) Verdict & Settlement Analyzer, it helps general counsel analyse legal operations directors and litigation practice group leaders determine litigation strategy. By using insights from the largest collection of verdicts and settlements along with rate and matter benchmarking data, attorneys can compare the expense of litigating versus settling a matter. 

 

Best rates

 

Counsel Benchmarking can also assist legal department management in selecting the best representation at the best rate by providing an overview of trends in hourly rates across the U.S. and the ability to drill down across several variables, including law firm size, industry, geography, matter type and timekeeper level. The tool also helps determine the most appropriate and cost-effective fee arrangement by analyzing data on how frequently AFAs are used for various matters. Its visual interface guides users to the specific data they need, displayed in easy-to-read charts and graphics, for quick and simple analysis. 

 

The Counsel Benchmarking analysis is based on data which is aggregated from 2 million anonymised invoices, covering 300,000 matters from nearly 6,000 law firms and more than 80,000 timekeepers.