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2016 Real Rate Report® Shows Law Firm Rates Rising at the Fastest Pace Since the 2008 RecessionWolters Kluwer's ELM Solutions, the global market leader in transformational, technology-based solutions for legal management, today launches the 2016 Real Rate Report. The report contains new information that underscores recent trends in legal rates, confirming that overall rates continue to rise, with average year-over-year lawyer rate increases reaching their highest levels since 2008. The Real Rate Report, released jointly with CEB, is the legal industry's leading publication that analyzes actual invoice data to provide benchmarks of law firm rates and uncover the drivers of the billable hour. Highlights of the report's findings include:
"The Real Rate Report is a prime example of how data and benchmarking help both corporate legal departments and law firms gain insight into the factors that drive legal spend and value," says Barry Ader, vice president, Product Management and Marketing, for Wolters Kluwer's ELM Solutions. "Corporate legal and insuranc claims departments use this crucial information to gauge the value of outside counsel, benchmark performance, and more effectively negotiate rates. Law firms benefit by leveraging the report to understand market competition and demonstrate their relative value during negotiations." The annual Real Rate Report is powered by LegalVIEW®, the world's largest source of international legal performance information, containing over $82 billion in legal invoice data. The data in LegalVIEW is sourced from actual legal invoices, not surveys, which means that it provides the most accurate, reliable, and granular data for analysis and insights. Capturing all invoice data, down to individual billers and tasks, enables identification of legal rate trends as well as the specific factors that drive them. "The key value of the Real Rate Report lies in the identification of what drives legal rates," says Abbott Martin, legal research leader, CEB. "This report allows clients and law firms alike to understand how specific decisions about firm size, location, and attorney experience impact matter costs." The 2016 Real Rate Report is now available for purchase at www.wkelmsolutions.com/products/real-rate-report. Ranked one of the world's largest legal service organizations with over 180 years of legal expertise, Wolters Kluwer's ELM Solutions leverages a deep understanding of customer needs to transform the Enterprise Legal Management experience and help corporate legal departments and insurance claims organizations make better business decisions.
About Wolters Kluwer Governance, Risk & Compliance Wolters Kluwer N.V. (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.
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