Drive financial gains for in-house legal teams

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