Authentic legal invoice data provides law firm rate benchmarks for more informed outsourcing decisions
A new report from Wolters Kluwer ELM Solutions indicates that partner, associate and paralegal rates have continued their steady upward climb. The 2023 Real Rate Report utilizes the more than $160 billion in legal invoice data contained within ELM Solutions’ LegalVIEW database to provide benchmarks of law firm rates and help corporate legal departments identify how factors such as location, practice area and firm size are shaping their legal invoices.
The data, leveraged by the annual Real Rate Report series, is sourced directly from corporations’ and law firms’ e-billing and time management solutions. Lawyer and paralegal rate data is filtered by practice and sub-practice areas, metropolitan areas, and matter types. A high-level overview of the 2023 findings shows a continuation of a multi-year trend that sees average rates continue to rise across timekeeper roles. The mean rate for partners saw the most significant increase, growing from $768 in 2022 to $784 in 2023. Paralegals experienced the second-largest bump, with an average rate of $263 in 2023, up from $252 in 2022.
In addition to the 2023 Real Rate Report – which is now available for purchase – the LegalVIEW database also powers ELM Solutions’ award-winning LegalVIEW BillAnalyzer service. Clients can now use BillAnalyzer’s sophisticated AI algorithm and invoice review team to grow cost savings and improve compliance across both Wolters Kluwer’s platforms and an expanded portfolio of spend management systems.