By Nick Abrahams|2023-07-09T02:28:09+00:009 July 2023|
LexisNexis CounselLink’s 2023 annual report reveals insights on corporate legal spending and outside counsel relationships:
* Law firm hourly rates increased by 4.5% over the past year, the highest increase in the report’s 10-year history.
* Average blended rates remained relatively stable, suggesting in-house counsel are adapting to rate increases by altering the mix of firms and timekeepers.
* The trend of consolidation to fewer outside firms continues, with 61% of companies using 10 or fewer firms for 80% of legal spending.
* Alternative fee arrangements (AFAs) remain at 12% of matters, this is quite low given the push for AFAs has been around for many years.
* International lawyer rates vary significantly across countries
* Upcoming changes include leveraging AI and technology for increased efficiency and data-driven decision-making.
* Law firm hourly rates increased by 4.5% over the past year, the highest increase in the report’s 10-year history.
* Average blended rates remained relatively stable, suggesting in-house counsel are adapting to rate increases by altering the mix of firms and timekeepers.
* The trend of consolidation to fewer outside firms continues, with 61% of companies using 10 or fewer firms for 80% of legal spending.
* Alternative fee arrangements (AFAs) remain at 12% of matters, this is quite low given the push for AFAs has been around for many years.
* International lawyer rates vary significantly across countries
* Upcoming changes include leveraging AI and technology for increased efficiency and data-driven decision-making.
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