2023 Forrester Consulting Total Economic Impact study of Thomson Reuters Legal Tracker
Legal Tracker
Drive financial gains for in-house legal teams
Employees in the legal department
A commissioned study conducted by Forrester Consulting on behalf of Thomson Reuters models the ROI impact of Legal Tracker. Results are for a composite organization representation of interviewed customers:
$50M in annual outside legal counsel spend
$1B in annual revenue
55 employees in the legal department
Key statistics
372% return on investment (ROI)
$2.99M net present value (NPV)
$3.79M total benefits over three years
<6 months’ payback period
The most significant cost savings that departments saw came from lower timekeeper rates. Average annual increases in timekeeper rates dropped from 12% to 5% with the use of detailed benchmarking and analytics.
Organizations saw significant cost savings from better enforcement of billing guidelines as well. In-house teams use Legal Tracker to monitor compliance with billing guidelines to easily see errors and request corrections. Interviewed customers saw an average cost savings of more than 7% of total outside legal spend.
Download the complete Forrester Consulting TEI Study on Legal Tracker today.
“This year, our average timekeeper rate increase request was about 15%. Using Legal Tracker, we knocked that down to much closer to 5%.”
– Legal operations specialist, consumer goods