A manufacturing company sought to benchmark its legal spend related to its substantial IP portfolio
It approached Lumen Legal with a wealth of global data
Lumen offered a solution to decrease cost while improving efficiency
Client Benefit: A Best-in-Class Solution to Manage Their Firms Handling IP Work
A leading household appliance manufacturer was seeking to benchmark its global outside counsel spend related to protecting its intellectual property portfolio. The client sought out Lumen’s industry expertise to recommend a data analytics platform to conduct the initial benchmarking while providing a cost-effective solution for ongoing, quarterly analysis.
Lumen recommended a leading, web-based data analytics platform to the client. Lumen helped the client load 48 months of historical data into the platform for analysis.
Lumen analyzed the data and provided six specific recommendations. They included: revising outside counsel guidelines to increase transparency into billed expenses, moving certain matters from hourly rate billing to fixed fee arrangements and reducing spend by bidding out work to comparable firms identified via the data analytics platform.