LegalJune 01, 2022

Legal Leaders Exchange - Podcast episode 10

Financial services insights from the 2021 Real Rate Report


The Wolters Kluwer ELM Solutions 2021 Real Rate Report found that, while many industries saw substantial increases in outside counsel rates in 2021, companies in the banking and finance industry were largely able to keep rates relatively flat. In this episode of our Legal Leaders Exchange podcast show, Nathan Cemenska, Director of Legal Operations and Industry Insights at ELM Solutions, talks with Magen McClintock, Senior Legal Operations Specialist at KeyBank, and John Crawshaw, Business Analytics Manager at PNC Financial Services, to get their thoughts on effective strategies for controlling legal costs.

Listen to hear about:

  • The methods that banks and other financial institutions use to keep outside counsel rates relatively steady
  • Why attorneys aren’t always in the best position within the organization to negotiate rates with law firms
  • The importance of staying familiar with alternative legal service providers (ALSPs) and the rates they charge
  • How staffing ratios (the mix of partners, associates, and paralegals working on matters) differ by firm and case and why it matters
  • Metrics that can help companies gauge and compare the efficiency of their firms  

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