For corporate counsel, the process of evaluating and hiring an outside law firm can cost a great deal of time and resources. Recently, this process has become even more demanding. Employers are challenging their in-house counsel to seek better performance and lower expenses from their law firms and review them more often. Corporate counsel are therefore demanding more information to make their decisions at their fingertips.
Martindale.com is facilitating this process by adding third-party-sourced data from LexisNexis atVantage to our law firm profiles. This information helps support and validate what firms say about themselves.
Why is this relevant? You wouldn’t hire job candidates just because they say they are good at what they do. You would rely on other data points such as references and examples of their work. Now on martindale.com you can take “atVantage” of third-party data examples of law firm work, too.
The specific data being added includes summaries of firms’ recent U.S. Civil Federal litigation activity, merger-and-acquisition deal activity, and U.S. granted patents. This can serve the same purpose as a sample of a job candidate’s previous work, offering proof of expertise in relevant areas.
Of course these three categories don’t represent all of the work that many firms do. But they do provide a small but significant sample of work that corporate counsel say is valuable to them, offering a snapshot of a firm’s level of expertise in specific areas and thereby reducing some of the due diligence steps they must take in evaluating their law firms. We will also be adding additional third-party sourced data throughout the year such as bankruptcy activity, state court litigation activity and recent verdicts, motions and briefs.
To see this information, visit a law firm’s page on martindale.com, then click on the specific data in the left–side menu. As information-hungry counsel make decisions about which law firms to pursue, this additional data point will give them a quick frame of reference from which to explore their options. We look forward to adding more data points such as these.