Legal services Archives - SpendEdge

Tag: Legal services

A Comprehensive View of the Top Legal Services Companies in the World

Legal services consist of a wide range of legal solutions for businesses. The requirement for legal services varies from company to company – some require legal assistance occasionally while others may require it on a regular basis. Generally, large companies hire a corporate law firm that has expertise in a variety of legal fields including contract law, tax law, mergers and acquisitions, and bankruptcy. Some businesses also employ in-house attorneys and only require outside legal services in special or unusual circumstances. Legal services are utilized by attorneys for a number of purposes including billing, research, and case management. In addition to these, some of the other common legal services include arbitration, mediation, and notary public services. (Source: Global Legal Services Procurement Intelligence Report) Some of the top legal services companies in the world Get Free Sample_SEare:

Latham & Watkins 

Latham & Watkins is a legal services company that was founded in the year 1934. They employ more than 2,600 lawyers in 30 offices located in 14 countries. Interestingly, Latham attorneys speak more than 60 languages. The company is committed to helping clients achieve their business strategies and providing outstanding legal services around the world.  In 2007, Latham & Watkins became the first American law firm to earn more than $2 billion in yearly revenue.

Category Market Intelligence Study – Procurement Best Practices in the Legal Services Sector

The latest category market intelligence study by SpendEdge on best practices for legal services provide the pricing standards, category-specific market insights, and the demand-supply analysis on major service providers.

Best practices in the legal services market

The legal services market is undergoing dynamic changes, and the demand for these services in the global market is surging. With ever-changing laws, it is important for all service providers to stay at the top of their game to remain competitive. The market is witnessing a surge in demand for alternative or non-traditional and integrated cross-border legal services. Various suppliers are adopting innovative technologies to provide services across various client locations. By analyzing the purchasing patterns and consumer expectations, service providers will be able to expand their business and reach a wider audience. The category market intelligence team at SpendEdge offers market trend analysis and procurement best practices, actionable insights to improve source-to-source contract cycle performance, and better category strategies. The expert team of researchers helps companies comprehend the supplier and market challenges, and implement best sourcing practices.

Globalization is opening new areas of business opportunities for all sorts of industries, hence regulatory and compliance related services are in high demand. Increasing spend on regulatory compliance will create new opportunities for legal service providers. The emergence of international law firms is a result of liberalization of markets, and many service providers are investing to enhance their global presence to cater to the growing demand for these new services.

Emergence of virtual law firms

The emergence of virtual law firms is accredited to the growing demand for cost-effective and centralized data solutions. The services providers are leveraging mobile devices, software solutions, and web-based technologies to offer professional services to clients across the globe. Some of the leading suppliers offer services at flat fees to attract more consumers. Virtual law offices are usually in remote locations, and it offers flexibility to the employees to function at flexible hours that meet the client requirements.

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Legal process outsourcing (LPO)

LPO is an innovative business model where the work of attorneys, paralegals, and other legal professionals is outsourced to external vendors located domestically or overseas. This new module allows maximum flexibility of resources, reduces operational costs, provides access to best resources, and increases the in-house capabilities of the organization. Countries like China and India have the highest number of LPOs in the global market.

What solutions SpendEdge offer to businesses

The procurement experts team at SpendEdge provide category market intelligence study, with insights on market trends, best-in-class industry benchmarks, and supplier engagement models. Some of the solutions offered are listed below:

  • Help implement the best sourcing practices and enable sourcing professionals to formulate better category strategies
  • Offer insights on major key buyer requirements, such as legal support for assistance in entity management, employment processes, and guidance on legal framework and matters
  • Analyze the category, pricing standards, and demand-supply dynamics through an assessment of the current spend practices in the specific category and improvement areas
  • Provide procurement best practices, actionable insights to improve source-to-source contract cycle performance, and gained insight into compliance, risks, and regulatory environment

Read our complete case study titled – Category Market Intelligence Study Helps a Legal Service Provider Understand the Procurement Best Practices

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Supply Market Intelligence – Assessing Legal Service Providers in the Biopharmaceutical Industry

The latest procurement market intelligence study by SpendEdge on the supply market of legal services providers helps companies in the biopharmaceutical industry to gain comprehensive insights on the supply landscape for legal services and amend their ability to benchmark current services and pricing.

Legal services – market at a glance

Legal services firms are offering advisory and technical assistance or representational services pertaining for all legal disciplines in the healthcare industry. The stringency of new healthcare regulations, reimbursement policies, and shift towards value-based systems is fueling the requirement for regular legal services. Technological advances, patent registration or renewals, and mergers and acquisitions are few areas in the healthcare industry that requires legal services. The continuous development of new products and changes in the legal framework will boost the demand for expertise in the field. Pharma and drug companies, start-ups, and universities are the primary end-users of legal services in the global market. Supply market intelligence offered by SpendEdge helps pharmaceutical giants to identify key suppliers of legal services in the targeted region, insights on procurement best practices, and category management.

The increasing popularity of legal process outsourcing (LPO), also called legal outsourcing is helping companies source talented resources from various regions. LPO models are gaining predominance across many industries as these are viable options for cost reduction. These organizations offer legal services of lawyers, attorneys, and counsels from offshore locations. These systems provide access to talented employees at reduced cost and require a minimal focus on tactical work.

Emergence of e-health and new biosimilars

The growth of e-health and access to clinical data has given rise to regulatory and cybersecurity challenges, instigating pharmaceutical companies to tighten their legal services. The clinical development and market authorization of biosimilars require more approvals by different regulatory bodies. Licensing is the most requested legal service in the global market, and the continuous development of new age products will boost the growth of this service.

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Big Data analytics in legal services

Big Data analytics helps companies assess visibility on legal spend, offers insight-based support for decision making, and provides effective demand forecasting and management. Many suppliers in the market are adopting Big Data analytics tools to streamline operations and improve the decision-making process. By using data analytics, law firms are optimizing their spend, identifying cost saving opportunities, and enhancing the efficacy of demand forecasting.

What solutions SpendEdge offer

The supply market intelligence experts at SpendEdge helped a leading pharmaceutical company gain insights on the key suppliers of legal services in North America and many other solutions, some of which are listed below:

  • Identify and acquire information from various reliable sources who have expertise in the legal services category
  • Develop category-specific insights that helped the client’s procurement teams with category planning and category management
  • Analyze information on the various aspects of the major suppliers in the industry including their positioning matrix, operational capabilities, financials, and their major customers
  • Assess the industry trends and market drivers, and enhance their ability to benchmark current services and pricing
  • Offer overview of the various pricing models and their benefits and assess the merits of the various pricing models

Read our complete case study titled – Assessment of the Supply Market of Legal Services Providers for a Leading Biopharmaceutical Company

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