Published in August of this year, LegalVIEW Insights volume 5: Trends in vendor mix and total outside spend uncovered a number of significant findings, including a sharp increase in outside counsel spend in large corporate law departments beginning in 2021, continuing declines in vendor counts, and the observation that ALSPs, although experiencing growth, do not appear to be doing so any more or less than the rest of the legal market.
Because of Wolters Kluwer’s strength in the financial services market, we are able to dive deep into this segment of data and provide insights specifically for legal departments in banking and financial services organizations.
Comparing and contrasting financial services with the larger market, we see a number of significant differences (ALSPs utilization, spend as a percentage of revenue), as well as some surprising similarities (such as the percentage of spend sent to different vendor tiers). Download the report for an analysis of these and other issues.