- The client had a wealth of legal spend data but no meaningful insights to spur change
- Lumen analyzed the data to find multiple new opportunities
- New tools were developed to save money regarding annual law firm rate changes and fixed fees
Estimated Client Savings: $1.6 million plus other improvements
The legal department of a Fortune 500 financial services company was seeking to reduce external spend, shift more work to fixed fee billing arrangements and leverage alternative legal service providers. The company had substantial historical legal spend data in an electronic format which included information such as business unit, matter, practice area, law firm, legal professional, task code, billing rate and task description. The company desired to turn this data into actionable information to spur change.
- Lumen Legal processed and analyzed the historical and on-going legal spend data to identify opportunities for the client.
- As a result, Lumen helped the company implement a cutting-edge data analytics technology solution to provide increased transparency into their legal spend.
- Using industry-leading best practices, Lumen helped the company to identify opportunities to change both their legal service delivery model and pricing arrangements to maximize efficiency and minimize spend.
- Lumen collaborated with the company and the technology partner to automate the annual process of reviewing law firm rate increases.
Over a period of two years, the client was able to shift more work to alternative fee arrangements and share best practices on service delivery among its outside counsel network. They were also able to save in excess of $1.6 million by reducing or eliminating proposed law firm rate increases by benchmarking their timekeepers within the technology platform.