LexisNexis CounselLink 2026 Trends: BigLaw Share of Wallet Expands Even as GCs Diversify

LexisNexis CounselLink's 2026 Trends Report confirmed that law firm billing rates continued rising in 2025, with average partner rate increases near 5% and some specialty areas significantly higher — M&A partner rates up 8.8%, Data Privacy up 8.4%. The report's structural finding: the largest firms continued to expand their share of wallet despite GC pressure on spending, a pattern driven by complexity concentration and the continued shift of high-stakes matters to brand-name practices. The LexisNexis guidance for law departments is a six-step spend management protocol: analyze spend variability, establish structured selection frameworks, conduct regular rate reviews using benchmarking data, expand AFAs where data supports predictability, improve matter budgeting discipline, and use AI for visibility and reporting. For BD teams at large firms, the wallet-share expansion is a tailwind — but it arrives alongside intensifying scrutiny on rate justification and the expectation of AI transparency.