Water, water, everywhere,
Nor any drop to drink.
Rime of the Ancient Mariner
Data is a lot like the above line about the ocean from the 1834 Rime of the Ancient Mariner. There is data everywhere that would help us to make better decisions if only we could get to it. Some of this data is public and accessible. But much of the data from which lawyers could most benefit is locked away in private silos in aw firms and businesses’ files. The inability to access this data creates a real gap in attorney understanding and knowledge. Bridging this gap would provide tremendous insights, increase efficiencies, reduce cost and even reduce the amount of work some lawyers do. And it looks like that’s where we are headed.
On December 9, LexisNexis, a global provider of legal, regulatory, and business information and analytics, announced the launch of its Survey of Commercial Lease Terms. The Survey was developed as part of a set of products offered by LexisNexis’ appropriately named Practical Guidance group. The Survey is based on private data about commercial lease obtained from law firms and businesses. According to the press release, the Survey will provide up-to-date intelligence about the commercial leasing market. And it will give real estate attorneys a clear view of market standards, standard lease terms and trends to aid them in lease negotiations.
Here’s how it works. According to Daniel Lewis, Vice President, Practical Guidance, it’s basically a “give and get” model. A lawyer provides information about leases he or she has negotiated. In return, gets free access to the Survey, which, according to Lesley, will be likely be done twice a year. LexisNexis subscribers also get updates as the Survey is continually refreshed with recently negotiated commercial leases from private sources.