Imagine a world in which invoices can be quickly and easily parsed to inform rate negotiations and improve spend transparency. As the market evolves and rates continue to climb, this kind of visibility is a game-changer. With rates at their fingertips, corporate legal departments (CLDs) and law firms alike can negotiate more strategically, improve profitability, optimize financial planning, and strengthen their relationships in the process.
That’s why Wolters Kluwer ELM Solutions launched LegalVIEW DynamicInsights, an interactive benchmarking tool backed by the world’s largest database of approved invoices.
LegalVIEW DynamicInsights includes the same rich analysis and data customers have come to rely on with the Real Rate Report, but in a format that allows users to slice and dice law firm rates, trends, and practices to suit their needs. Unlike survey-based data, LegalVIEW DynamicInsights provides real, approved rates, ensuring users gain an accurate and comprehensive market perspective on rates and value.
Law firms can analyze their industry standing to see if they are pricing their services competitively, in addition to uncovering opportunities for growth. CLDs, meanwhile, can ensure they are getting billed fairly or check rates as part of their negotiating strategy when selecting a firm or building a budget for handling a legal matter.
What’s more, users are in full control of the dataset—the most accurate, comprehensive collection of anonymous data from approved invoices. Thus, they can access the data that is most impactful to their own specific needs and objectives.
LegalVIEW DynamicInsights key features
LegalVIEW DynamicInsights has a long list of features that CLDs and law firms can benefit from:
- Create dynamic visualizations of hourly rate trends and year-over-year changes
- Filter data according to strategic factors such as law firm role or years of experience
- Access mean and median rates as defined by timekeeper role, practice area, industry, city, and country
- Drill down into niche legal specialties for granular benchmarking
- Compare rates and positioning against top-ranked law firms
- Identify rate trends and market dynamics in key metropolitan areas
- Gain a global perspective on legal costs and spend management to refine international strategies
- Assess how legal spend is allocated across firm roles
These features are particularly beneficial as law firms face increasing competition while navigating evolving client expectations and market-driven pricing pressures. Without reliable insights into trends and benchmarks, setting competitive rates and demonstrating value to clients can be extremely challenging. By having this information at their fingertips, law firms and CLDs can have honest, transparent conversations about the billing rates for their matters at the outset, which lays the foundation for a strong working relationship.
The bottom line
In today’s highly competitive market, data-driven decision-making is non-negotiable. The LegalVIEW DynamicInsights solution was created with this reality in mind. Now, it’s easier than ever for legal professionals to connect with data-enriched insights. For CLDs and law firms this means having the right data to enable open and honest discussions about their partnerships—and agree on rates that are a “win/win” for both parties.
Why wait? To learn more about LegalVIEW DynamicInsights, visit the product page, press release, or schedule a demo today.
