Legal research and business information database company LexisNexis has a launched a new product for law firms to rate benchmarking data which will allow general counsel to forecast the cost of potential litigation in order to make informed decisions with strategy.
LexisNexis Counsel Benchmarking provides analytics for matter costs, hourly rates and alternative fee arrangements (AFAs), based on data pulled from millions of legal invoices. The product is offered to Lexis Advance customers via subscription
“With ongoing pressure to reduce legal department costs, general counsel at corporations of all sizes are focusing on managing their spend while controlling risk,” said Justin Silverman, senior director and Counsel Benchmarking product lead at LexisNexis Legal & Professional. “The powerful combination of Counsel Benchmarking and Verdict & Settlement Analyzer gives corporations robust data on outside counsel costs, hourly rates, matter durations and verdict and settlement outcomes, enabling them to make more informed decisions on law firm selection and litigation strategy.”
LexisNexis Counsel Benchmarking has partnered with LexisNexis Verdict & Settlement Analyzer to help general counsel, legal operations directors and litigation practice group leaders determine litigation strategy. According to Complianceweek, law firms can use insights from the “largest collection” of verdicts and settlements along with rate and matter benchmarking data, allowing attorneys to compare the expense of litigating versus settling a matter. The product also has a companion tool which allows users access verdict and settlement reports from relevant past cases. Using the companion tool, litigation can quickly access and analyze results and data from these respective cases and subsequently, use the data to help generate reports to help with decisions on case strategy including on whether to settle or to litigate.
LexisNexis has about 3,400 employees and contractors in Miami Twp. at its Legal and Professional division, which is the company’s biggest single concentration of employment. The Counsel Benchmarking analysis is based on data from CounselLink, the LexisNexis legal spend and matter management service, which is aggregated from 2 million anonymized invoices, covering 300,000 matters from nearly 6,000 law firms and more than 80,000 timekeepers.