Customer ROI Survey: Cost Savings and Benefits Enabled by Bloomberg Law
In 2022, Bloomberg Law surveyed in-house counsel leadership and legal operations professionals from Clorox, Intel, Kia Motors, CVS Health, and Duracell, among other organizations, to examine their return on investment from utilizing Bloomberg Law’s research tools, resources, and content. Key results from investing in Bloomberg Law include significant department cost savings as well as efficiency and productivity gains. Nearly all respondents agree Bloomberg Law helps their legal department bring more work in-house, reduce reliance on outside counsel, and spend more time on high-value work.
Bloomberg Law allows us to do much of the work in-house. It gives our department the confidence that we have the correct information. It provides quick answers that save us from having to call outside counsel. As a result, we were able to decrease our annual outside counsel spend by 15-20 percent”
Deputy General Counsel
Woodside Group, LLC
Bloomberg Law’s content sets – including Practical Guidance, practice and intelligence centers, news, chart builders, and manual guides – were reported to help departments significantly reduce outside counsel spend. Similarly, features like alerts and Points of Law search also helped to reduce costs.
Bloomberg Law’s state and international chart builders simplify compliance by providing quick reference comparisons of statutory and regulatory requirements across jurisdictions for numerous topics including securities, labor and employment, health, privacy, intellectual property, and more. Fully 95 percent of survey participants said that chart builders reduce the amount of time it takes to conduct a multistate survey.
The in-house legal team at Perrigo specifically pointed to chart builders as a time- and cost-saving tool. The associate general counsel reports, “Bloomberg Law’s chart builders save our department time and money. They provide us with fast, accurate, and up-to-date information that is critical to our organization. Without access to chart builders it would typically take me over seven to eight hours of research to conduct a multistate survey or potentially $5-6K to outsource this work.”
Practical Guidance is an essential tool
With nearly 7,000 Practical Guidance documents, including an extensive collection of templates, forms, checklists, overviews, and professional perspectives, Bloomberg Law offers the legal expertise and how-to guidance that allows in-house counsel teams to manage assignments and unfamiliar issues productively and confidently.
Bloomberg Law customer Cambridge Investment Research’s deputy general counsel reports, “Bloomberg Law’s Practical Guidance helps us complete work with efficiency, accuracy, and confidence. It significantly reduces the amount of time it takes us to complete legal work in-house and thus reduces our annual spend on outside counsel.”
Bloomberg Law is the complete solution for in-house counsel
Bloomberg Law offers an all-inclusive platform with everything in-house counsel need to elevate their role and transform their department to meet the needs of their organization. Customizable news coverage, practice area resources, expert-drafted how-to guidance, and time-saving practitioner tools help legal teams complete work efficiently, accurately, and confidently – so they can focus on how legal issues impact strategic business initiatives and the bottom line.