Report: Financial Services Insights from the 2021 Real Rate Report

Financial services companies pay the highest hourly rates of any industry yet paradoxically may be the best at controlling overall legal costs.

In an environment where some corporate legal departments (CLDs) are agreeing to double-digit rate increases, financial services companies have managed to keep rate increases modest and have consistently reduced annual total outside legal costs for years.

Download the report for a discussion of this paradox and some of the reasons behind it, as well as a number of other issues.

The statistics in this report were drawn from the world‘s largest source of legal performance benchmark data, Wolters Kluwer’s ELM Solutions LegalVIEW® data warehouse, which has grown to include over $150 billion in anonymized legal data. All the analyses included in this report are derived from the actual rates charged to financial services companies by law firm professionals as recorded on invoices submitted and approved for payment.