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In an era of expanding regulatory risks and demands, in-house legal teams are facing a significant increase in their workloads, with Thomson Reuters reporting that 55% of legal departments experienced a surge in work over the previous year.
Traditionally, external law firms have filled resource gaps, but at a premium. The average hourly rate for AmLaw 100 firms reached $961 in 2023, a 4.8% increase from the previous year.
To address these pressures, forward-thinking legal departments have begun to seek other avenues to onboard high-quality interim talent, utilizing Alternative Service Legal Service Providers (ALSPs) to access expertise without the financial burden of full-time hires or expensive law firm retainers.
A recent Thomson Reuters report underscores this trend, noting that corporate legal departments “are increasingly seeing the value of alternative legal service providers,” and that “the boundaries between alternative legal services providers and law firms...are rapidly blurring.”
To help legal teams navigate these outsourcing decisions, Legal.io has developed the Budget & Savings Calculator. This tool provides in-house legal departments with data and insights to make informed choices about their outside counsel spend and staffing strategies. Many companies struggle to accurately assess the financial implications of their staffing choices, which can lead to inefficient budget allocation.
The Budget & Savings Calculator allows in-house legal leaders and hiring decision makers to:
Quantify Potential Savings: Compare costs between traditional law firms and Legal.io's staffing solutions with precision.
Forecast Long-Term Budget Allocation: Visualize resource distribution over time to support strategic planning.
Analyze Granular Financial Data: Access detailed hourly, daily, weekly, and monthly cost breakdowns for accurate projections.
Evaluate Multiple Scenarios: Model various staffing configurations to align with your organization's financial objectives.
By providing concrete data on the financial implications of different staffing models, the Budget & Savings Calculator empowers legal departments to optimize their resources effectively utilizing a robust, quantitative approach .
Explore the Budget & Savings Calculator to deliver data-driven insights that drive real ROI for your legal team’s hiring strategy.
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‘Burnout’ has become an increasingly widely used term to describe a state of extreme exhaustion due to work – whether it’s physical, mental or emotional. Significant research has gone into understanding the causes, effects, and treatments for burnout. How can you tell if you are on the brink of suffering from burnout? Let’s take a deeper look at the condition, including some of the tell-tale signs.
In-house legal professionals talk about how they've managed to utilize breaks between jobs for their mental, physical and emotional wellbeing.
Published weekly on Friday, the Legal.io Newsletter covers the latest in legal, talent & tech
Starting February 2, 2025, AI literacy is required under the EU AI Act. If your company uses AI system outputs in the EU or your company is providing AI systems there, now’s the time to prepare.
The latest Thomson Reuters Institute survey, the eighth edition of the State of U.S. Small Law Firms report, marks a significant shift in small law firms' longstanding struggle with administrative tasks. For the first time since 2016, the survey found an increase in the time lawyers at small firms (29 or fewer lawyers) spend practicing law, rising from 56% to 61%.
Hands have been shaken on your job offer (most likely by email) and arrangements have been set. Now it’s time for the job to begin. Perhaps you feel yourself transported back to the first day of elementary school as you put on your smartest work clothes and head off into the unknown. But whatever you’re feeling, there are a number of things you can do to set yourself up for success during your first few weeks at your new firm. Let’s consider this key initial period.
One of the issues facing today's legal marketplace is the complete lack of price transparency. The Legal.io pricing tool shows hourly rate and salary data on a range of practice areas and markets.
Kirkland & Ellis announced that it was that it was promoting exactly 200 attorneys to partner this year. The total is slightly less than last year's 205, making it the first time the class has decreased year-over-year in the last eight years.
