How In-House Counsel Maximizes ROI Using Bloomberg Law
In today’s fast-paced legal landscape, corporate legal departments face increasing demands to manage complex legal matters efficiently while keeping costs under control. As these challenges continue to grow, finding technology solutions that effectively address both is essential.
To better understand how customers leverage its solutions to reduce costs and increase efficiency, Bloomberg Law surveyed 150 in-house attorneys and legal operations professionals between 2022 and 2024. The results show that:
- 70% of customers reduced annual outside counsel spend by an average of 11%, saving $221,760.
- 83% of customers reduced total annual legal spend by an average of 8%, saving $433,955.
- Customers saved an average of 4 hours per week on legal tasks, reclaiming approximately 200 hours per year for high-value work.
This article digs into key findings of how Bloomberg Law has helped general counsel reduce outsourcing costs, gain time back in their days, and provide tangible value to their organizations.
[Download the full In-House Counsel Customer ROI report to see how general counsel cut down their time on routine legal tasks by 50%.]
Enhance in-house attorneys’ knowledge base
Survey respondents reported that Bloomberg Law’s comprehensive news coverage and legal research tools enhanced their understanding of complex topics and got them up to speed on unfamiliar issues. As a result, they didn’t need to lean on outside counsel as much for specialized expertise and thus reduced outsourcing costs.
Reduces spending on outside counsel
Because Bloomberg Law helps customers respond to legal issues more quickly and confidently, respondents reduced outsourcing costs by 11%, which on average saved their organizations’ $221K per year.
Senior Counsel
Financial services firm with over $1 Billion in annual revenue
Lower annual legal department costs
Each year, respondents spend an average of $5.2 million on total legal department costs, which includes all expenditures related to their organizations’ legal operations —salaries, benefits, overhead, and outsourcing.
By leveraging Bloomberg Law, customers were able to lower inside and outside spend by 8.3%. This led to $433,955 in annual savings, which is roughly the equivalent to the salaries of two senior corporate attorneys.
[Get a more in-depth look at how legal departments are cutting internal and external costs by downloading our full In-House Counsel Customer ROI report.]
Offers time savings and productivity gains
By integrating Bloomberg Law’s comprehensive platform into their daily workflow, customers simplified and streamlined common, time-consuming tasks, saving an average of four hours per week. This gave their department back approximately 200 hours per year — which is about 25 business days — to spend on higher-value work.
Associate General Counsel
Leading employee benefit and administrative services provider
To evaluate the impact of Bloomberg Law on operational efficiency, participants were asked to estimate the time saved on various responsibilities since implementing the platform. They reported a 50% reduction on such tasks as conducting legal research, drafting contracts, and monitoring docket activity.
Keeps lawyers abreast of industry news and trends
Before purchasing Bloomberg Law, 66% of participants used Law360 to get their legal news. However, after making the switch, half of respondents cancelled their Law360 subscription.
Key factors driving the transition from Law360 to Bloomberg Law
- Bloomberg Law’s integration of legal news with other legal research tools allows users to quickly find relevant case law, statutes, and other legal documents without having to switch between different resources.
- The quality of legal news provided by Bloomberg Law meets or exceeds that of Law360.
- Bloomberg Law’s legal news coverage is more relevant to users’ specific needs and interests than Law360.
Discover a smart, faster solution for in-house counsel
When selecting the right software for your organization, understanding your ROI is essential before making a buying decision. Discover what Bloomberg Law’s customers are saying about the platform and why 9 out of 10 report they would make the switch to Bloomberg Law again, if given the opportunity
Reduce your reliance on outside counsel and accomplishing more in-house with unmetered access to news, primary and second sources, comprehensive practice area coverage, and workflow tools. Request a demo to learn more.