Corporate legal teams and insurance departments rely on outside law firms to manage much of their legal work, whether due to the necessity of jurisdiction, expertise, or efficiency issues. But those same teams struggle to determine how to benchmark their firms; how to encourage more efficiency and better outcomes; and how to choose the best firm to handle a specific matter in a specific region.
At Acuity, we believe that a better firm evaluation begins with an objective data-based assessment that compares a specific firm to other firms working on similar matters in similar regions. Acuity recommends using the following 5 data points to help drive your decisions when reviewing your outside counsel.
- Average Fees Per Matter
- Average Total Case Cost
- Billing Compliance
- Cycle Time