|By Marketwired .||
|December 3, 2013 08:29 AM EST||
HARTFORD, CT -- (Marketwired) -- 12/03/13 -- TyMetrix, the global leader in intelligent enterprise legal solutions for mastering the business of law, introduces a groundbreaking solution to help corporate legal departments evaluate outside counsel fees against industry standards. The solution, MatterAnalyzer, is TyMetrix's new web-based technology that allows corporate legal departments to automatically extract data based on matter, industry, geography and the complexity of the work from the aggregated paid invoice data source LegalVIEW.
LegalVIEW®, TyMetrix's permission-based contributory warehouse of legal performance data, and the largest database of its kind in the world, is comprised of over $48 billion in anonymous data generated from actual billed invoices. It receives voluntary data from over 17,000 law firms and vendors, as well as 286,000 timekeepers, amounting to over 398 million hours of legal services and 105 million activities captured.
The technology behind MatterAnalyzer makes the LegalVIEW data agile enough to answer specific challenges facing a corporate legal department by providing a specific picture of how much a certain matter should cost and how long they should go on. Whether evaluating current law firms, or negotiations with new ones, this solution gives corporate legal departments the power to plan and budget accordingly.
"MatterAnalyzer displays benchmarking data with company data. I like the comparison and information display which enables me to make informed decisions about how I budget and forecast. I think the MatterAnalyzer product helps further goals to evaluate outside counsel performance, manage costs and improve operational efficiencies," said Glori Fitch, senior counsel, American Electric Power.
MatterAnalyzer was designed after extensive research and interviews with legal professionals and then modeled around the most pressing concerns in-house professionals face, which include evaluating the value of outside counsel and alleviating budget uncertainty from existing and new relationships.
"MatterAnalyzer is the only standalone solution in the enterprise legal management industry that can help corporate legal departments verify how to best source matters and judge how their spend stacks up against industry standards," said Julie Peck, general manager, TyMetrix. "This solution is another example of TyMetrix' commitment to helping corporate legal departments transform the business of law."
With MatterAnalyzer, corporate legal departments benefit by easily identifying patterns, trends and anomalies in legal performance data anytime and anyplace.
For more information on MatterAnalyzer, visit www.tymetrix.com/matteranalyzer.
TyMetrix is a global market leader in delivering intelligent enterprise legal management, professional services, and legal analytics solutions that empower corporate legal departments, law firms and claims organizations to manage the business of law. It provides clients with quality legal management software, services and solutions, including spend and matter management, collaboration, performance metrics, and the expertise required to manage risk, reduce costs and gain the insight required to meet their strategic objectives. The brand's TyMetrix Legal Analytics service offering combines unparalleled analytical and legal domain expertise with LegalVIEW®, the world's largest permission based contributory data warehouse of legal performance data. Legal Analytics provides predictive and analytical models, benchmarking and insights to legal departments and all professionals involved in managing the business of law. TyMetrix is part of Wolters Kluwer Corporate Legal Services. For more information, please visit www.tymetrix.com.
About Wolters Kluwer Corporate Legal Services
Wolters Kluwer Corporate Legal Services (CLS) operates a distinctive, global portfolio of market-leading legal services companies, including CT Corporation, NRAI, BizFilings, CT Lien, Corsearch, and TyMetrix. It serves 70% of the Fortune 500, 90% of the AmLaw 100, 80% of the 100 largest U.S. banks and hundreds of thousands of small business owners. As pioneers of the legal compliance services space, CLS is the trusted partner of choice for legal compliance, due diligence, brand and performance management solutions. A business of Wolters Kluwer, a market-leading global information services company, CLS employs a network of over 1,500 professionals in 54 offices around the world.