Many corporate legal departments are starved for meaningful comparative data to help assess capabilities and performance, and then identify areas for improvement and reduced costs. At Acuity, we understand the importance of benchmarking and continue to look for ways our clients can measure their capabilities, resources, effectiveness and efficiency of their organizations. This is no easy task.
In 2017, we released our first timekeeper rate benchmarking reports for the healthcare and insurance industries. In light of the rising and falling of national economic trends and attendant rapid changes taking place in the legal industry, we decided to take another comprehensive look at the hourly rate for these verticals in 2018. The full report can be downloaded below.
Key Takeaways from 2018:
- Small increase in average rates between 2016 and 2018, but flat growth in median rates, reflecting a general stabilization of rates nationally
- Biggest gains were in North Dakota (with 13% increase in average healthcare professional liability rates) and in Maine (with a 5% increase in average professional liability rates)
- Professional liability average hourly rates were generally 8-9% higher than that paid for property and casualty defense work
- 2018 national average attorney rate for healthcare/ professional liability defense work – $212
- 2018 national average attorney rate for property and casualty defense work – $195
As before, this latest release is focused on hourly rates or two types of healthcare and insurance defense rates: those for representation of Medical Malpractice / Professional Liability (“PL”) claims and those for Property and Casualty (“P&C”) work. The 2018 Acuity ELM Insurance Defense Timekeeper Rate Report is derived from sanitized data collected from calendar years 2016 through 2018. It is based entirely on actual invoices submitted and approved across Acuity’s broad range of clients leveraging its eBilling platform to automate and enforce billing rules while expediting legal payments. Download the full report to see individual states and the national average attorney rates across the healthcare and insurance industries.
**This report, originally conceived and designed by Acuity’s Robin Hill, was prepared and validated by our own Mezel Smith, Data Analyst leading the Acuity Analytics Initiative.**