LexisNexis Releases CounselLink Analytics Service
Jul 21, 2012 (Close-Up Media via COMTEX) --
LexisNexis Legal & Professional, a provider of content and technology solutions, announced the launch of a new data-driven consulting service designed to help corporate legal departments improve the predictability of their legal costs, manage their budgets with more certainty and derive greater value from their work with outside counsel.
According to a release, LexisNexis CounselLink Analytics is a service offering that delivers specific recommendations for cost management and negotiations with outside legal counsel - including guidance on the use of alternative fee arrangements (AFAs) - as well as data benchmarking and analysis against industry best practices with respect to legal spend on comparable types of matters.
"By helping inside counsel analyze their costs, the CounselLink Analytics team can help generate more accurate projections of future legal costs, suggest appropriate fee structures to help derive more value from outside counsel and pinpoint other areas for improvement," said Jonah Paransky, vice president and managing director for LexisNexis CounselLink. "The recently released ALM survey on the use of alternative fee arrangements shows that corporate counsel continue to struggle with AFAs. The CounselLink Analytics service offers them a powerful means of understanding, structuring and leveraging alternative fee arrangements to maximum effect."
The company said that CounselLink Analytics is the first in a new series of new data-driven products and services from the LexisNexis Legal Business Software Solutions group. The service is available to customers of LexisNexis CounselLink, a web-based matter management, e-billing and legal hold software used by corporate legal departments.
The CounselLink Analytics team is led by the Director of Analytics Consulting for LexisNexis CounselLink, Kris Satkunas. The company said that Satkunas has more than 12 years of experience consulting to the legal industry on such areas as benchmarking, practice area metrics and scorecards, matter pricing and staffing, profitability and cost management. Before joining the CounselLink business, Satkunas teamed with a group of industry leaders in her role as director of the Redwood Analytics Think Tank, to develop advances in analytics and best practices to improve law firm performance.
"Most legal departments have reams of data but aren't sure how to analyze and interpret that data to identify inefficiencies and to quantify for corporate leadership, the value being generated by the company's legal department," said Kris Satkunas. "By combining the power of our CounselLink software with the new consulting service, inside counsel can better manage all of their legal matters and costs - and quantify those improvements - without sacrificing quality."
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