ELM Solutions and CEB partner on Expanded 2016 Real Rate Report®
Wolters Kluwer’s ELM Solutions, the global market leader in transformational, technology-based solutions for the legal industry ecosystem, today announced that it has processed more than $80 billion in legal invoices through its solutions, and that data is available to harvest for customer insights via the LegalVIEW® database. Gathered since 2010, the unmatched depth and breadth of information captured in the LegalVIEW database provides the basis for insights on the state of the legal industry and fuels the Real Rate Report, which will be co-authored this year by CEB and released in November.
The Real Rate Report is the legal industry’s leading benchmark for law firm rates and staffing trends based on actual invoice data rather than surveys. The 2016 Real Rate Report will mark the sixth time that ELM Solutions and CEB have partnered on the report. In addition to rates, this year’s expanded report, which includes global data from Europe, Australia, and Hong Kong, will also feature law firm invoicing behaviors, providing advice on the metrics that a corporate legal or claims department should implement to gain transparency into which law firms are complying with guidelines and which may require a discussion about improving billing practices.
“$80 billion is a huge amount of invoice data. With that much information to delve into, we can offer precise answers to important questions about practice areas, geographic variation, and other details that help law firms and their corporate clients collaborate and agree on costs and how to achieve the best outcomes,” said David Moran, senior director of Product Management for Legal Analytics, at Wolters Kluwer’s ELM Solutions. “With so much data, we are able to see trends in the work that law firms are doing, the rates they are charging, and their billing practices. We can then compare these trends across location and industry for very specific, meaningful insights on value.”
The LegalVIEW database provides benchmarking intelligence, predictive and analytical models, and insights that power ELM Solutions legal analytics offerings – including MatterAnalyzer, Dashboards, the Real Rate Report®, and Custom Analytics Services. Through these solutions, LegalVIEW empowers corporate legal and insurance claims departments, as well as law firms, to improve their business performance.
Through comprehensive technology solutions, in-depth data and analytics, and professional services, Wolters Kluwer’s ELM Solutions help the largest and best-run legal and claims organizations address the intricate complexities they face and ultimately make better business decisions. More information about the LegalVIEW database and related offerings is available at the ELM Solutions website.