First Report in Four-Part Series Expected in Spring 2012
HARTFORD, CONN. and CHICAGO, Ill., — Jan. 25, 2012 — TyMetrix, the global leader in intelligent solutions to better manage the business of law, and Huron Legal, a leading provider of advisory and business services to enhance organizational effectiveness and improve legal spend management at law departments and law firms, today announced that they will jointly publish a series of reports in 2012. Intended for buyers and suppliers of legal services, the series of reports will focus on the drivers and influencers of matter costs and legal spend within corporations and the effectiveness of how those drivers are managed.
“We have the ability to aggregate billions in global legal spend and performance data to provide both insight into individual operations and access to industry-wide benchmarks, historic trends, and predictions,” said John Weber, general manager, TyMetrix. “This collaborative publication will give buyers and sellers throughout the legal services supply chain an inside look at matter costs as compared to overall goals and strategies.”
The Huron Legal and TyMetrix series, entitled “2012 IMPACT® Analysis Series: A Quantitative Study of Matter Strategies, Costs, and Sourcing Practices,” will consist of a four-part series— an initial research study expected in spring 2012 followed by quarterly updates throughout the year. The reports will include information related to matters, invoice line items, companies and timekeepers. They will provide analysis in areas related to staffing models; sourcing and task assignment; price points and matter costs; and billing rules and guidelines.
“How are law departments and law firms managing matter costs? What is the correlation between attorney rates and total matter cost? How has the market changed in the past few years? Are the right levels of timekeepers performing the right tasks? Answers to these difficult questions will help law departments better negotiate and manage legal costs,” said Joy Saphla, managing director, Huron Legal. “This series of reports will assist in answering questions. The reports will help users align legal services and cost structures based on value of services and desired results versus law firm economics. We look forward to collaborating with TyMetrix on this sophisticated analysis and providing baseline benchmarks for the industry.”
TyMetrix is the global market leader in delivering intelligent 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 eBilling, matter management and performance metrics, and the expertise required to manage risk, reduce costs and gain the insight required to meet their strategic objectives. TyMetrix is part of Wolters Kluwer Corporate Legal Services, the professional’s first choice for legal compliance services and performance management solutions for nearly 120 years. For more information, please visit www.tymetrix.com.
About Wolters Kluwer Corporate Legal Services
Wolters Kluwer Corporate Legal Services is the leader in legal process and business performance management. It delivers the people, products and processes to drive transparency, ensure accountability and provide organized, accurate and actionable information for legal, financial and insurance professionals. CLS’s business brands — CT Corporation, NRAI, BizFilings, Corsearch, CT Lien Solutions and TyMetrix — empower organizations to make better business decisions and be more efficient in today’s highly transparent business environment.
Wolters Kluwer Corporate Legal Services is a business of Wolters Kluwer, a market-leading global information services company. Wolters Kluwer has 2010 annual revenues of €3.6 billion ($4.7 billion), employs approximately 19,000 people worldwide, and maintains operations in over 40 countries across Europe, North America, Asia Pacific, and Latin America. Visit www.wolterskluwer.com.
About Huron Legal
Huron Legal provides advisory and business services to assist law departments and law firms to enhance organizational effectiveness and reduce legal spend. Huron Legal advises on and implements strategy, organizational design and development, outside counsel management, operational efficiency, and discovery solutions, and provides services relating to the management of matters, contracts, documents, records, digital evidence and e-discovery.
Learn more about: Huron’s IMPACT® solution, which delivers sustainable cost reductions ranging from 15 to 40 percent; R3con® solution, a cost-effective forensic investigation solution to protect enterprise data; Sp3ctrum™solution, a managed services discovery solution; and V3locity® solution, offering a streamlined e-discovery process that results in predictable discovery costs. Learn more at www.huronconsultinggroup.com/legal.
About Huron Consulting Group
Huron Consulting Group helps clients in diverse industries improve performance, comply with complex regulations, reduce costs, recover from distress, leverage technology, and stimulate growth. The Company teams with its clients to deliver sustainable and measurable results. Huron provides services to a wide variety of both financially sound and distressed organizations, including healthcare organizations, Fortune 500 companies, leading academic institutions, medium-sized businesses, and the law firms that represent these various organizations. Learn more atwww.huronconsultinggroup.com.