HOUSTON–(BUSINESS WIRE)–According to the latest edition of Wolters Kluwer ELM Solutions’ Annual Real Rate Report, areas of the United States that have experienced well above average population growth in recent years (including Miami, FL and Seattle, WA) are experiencing a considerable increase in the hourly rates of law firms. Powered by ELM Solutions’ LegalVIEW data warehouse – the world’s most comprehensive legal spend database – the 2021 Actual Rates Report analyzes actual invoice data to provide law firm rate benchmarks. lawyers.
This year’s report is the first of its kind to be released since the LegalVIEW data warehouse reached the milestone of more than $150 billion in legal invoices. As with previous actual rate reports, all data analyzed comes from corporate and law firm e-invoicing and time tracking solutions, with lawyer and paralegal rate data filtered by practice area. and specific practice subareas, metropolitan areas and types of to give legal departments and law firms greater ability to identify areas of opportunity for more informed decision-making.
The analysis identifies a strong correlation between hourly rates and above-average population growth. It is perhaps unsurprising that cosmopolitan legal services markets such as New York, NY, San Francisco, CA, and Los Angeles, CA are associated with higher hourly rates, but other geographies in the United States States are also seeing their rates increase. . For example, Greenville, SC saw an average increase in law firm rates of about 18%, while average rates in Fresno, CA saw an increase of nearly 15%.
In addition to the 2021 Actual Rates Report – which is now available for purchase – ELM Solutions’ LegalVIEW Data Warehouse also supports an ongoing series of LegalVIEW Insights blogs, webinars, and other content that explores the volatility in spending seen in corporate legal departments. Last year, the firm released the first, second and third installments in its ongoing series of LegalVIEW Insights reports.
ELM Solutions, part of the Governance, Risk and Compliance (GRC) division of Wolters Kluwer, is the global leader in enterprise legal and expense management, contract lifecycle management and contract management solutions. legal analysis. The company provides a comprehensive suite of tools that meet the growing needs of corporate legal operations departments to increase operational efficiency and reduce costs. Corporate legal and insurance departments trust its innovative technology and end-to-end customer experience to drive world-class business results. Wolters Kluwer GRC’s other legal solutions business is CT Corporation.
Wolters Kluwer ELM Solutions has been named a Leader by both IDC MarketScape: Worldwide Enterprise Legal Spend Management 2020 Vendor Assessment and IDC MarketScape: Worldwide Enterprise Matter Management 2020 Vendor Assessment. The company’s award-winning products include Passport®one of the highest rated ELM solutions in the latest Hyperion MarketView™ Legal Market Intelligence and TyMetrix report® 360°, the industry leading SaaS electronic invoicing and business management solution. CLM Matrix, on the other hand, has been named “High Performer” in The Forrester Wave™: Contract Lifecycle Management For All Contracts, Q1 2021. LegalVIEW by ELM Solutions® The portfolio of legal analytics solutions is based on the industry’s largest and most comprehensive legal spend database, with over $150 billion in invoices.
About Wolters Kluwer Governance, Risk and Compliance
Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with evolving regulatory and legal obligations, manage risk, increase efficiency and deliver better results commercial. GRC offers a portfolio of expert technology services and solutions focused on Legal Entity Compliance, Legal Operations Management, Banking Product Compliance and Banking Regulatory Compliance.
Wolters Kluwer (WKL) is a global leader in professional information, software solutions and services for healthcare; taxation and accounting; governance, risk and compliance; and the legal and regulatory sectors. We help our customers make critical decisions every day by delivering expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer achieved annual sales of €4.6 billion in 2020. The group serves customers in over 180 countries, maintains operations in over 40 countries and employs around 19,200 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.